All Forum Posts by: Tim Jacob

One thing I recommend is marketing towards grad students.  I have college area rentals around the university of maryland I manage.  I put up flyers in the on campus grad student housing apartment complex.  You have to be careful not to descrimiate based on age with online postings.  Dont settle for people if you think they are going to trash your place unless you are willing to get a large deposit that you feel will cover your expenses.

Like said by the others definitely ask for a credit check on the cosigner.  Also try to research the rental history if they have any.  Dont know your situation but I always try to be considerate of the neighbors.  Especially if they are also paying me rent.  You dont want to turn the situation into one where others are moving out of an apartment because the new neighbor blasts music and parties 5 nights a week.  

That doesnt even factor in the risk of liability of illegal drug use or under age drinking that took place on your property.

Just be careful and dont settle that is my biggest piece of advice.

Tim

I think for the carpet she has a legitimate reason to take your 1400 though over 5 years you might argue it should be replaced regardless of whether there are pet stains due to ordinary wear and tear.   Thats a good point to nlt have expensive carpet in a rental.  Especially if you allow pets.  Otherwise I dont think she has any claim from what your telling me.  If you were hoarding which caused the rats maybe.  How we should know though if she never came by the place.

Id love to help you but im 500 miles away.  Some people cant draw a hard line in this business.  She is probably too nice.  The problem is you are getting hammered for it.  How is she screening these people?

The worst is having a crook as a pm.  It doesnt sound like that is the case here.

Incompetence and complacemcy is a close second.  

Sorry for your inconvenience.  Get someone you know will be thorough but also not a crook.

Good luck,

Tim 

Hi Joseph,

Congratulations on getting out and you must be excited to ets and start a new chapter if your life.

Im ex military and Im currently an agent.  I live in Montgomery county.  I have owned a buy and hold in montgomery county for years.  I want to continue with buy and holds I am very much considering up closer to Baltimore in Baltimore county for my next property as I've done some transactions up there.

 Annapolis is a nice town with great economic stabilty which is a big thing to consider in buy and holds.  

If you want to network I could be going to some REI events up that way shortly. Put out a post once youve ets'ed and are out. I work out of a glen burnie office with other veterans

The biggest thing is screening.  You get the right people, they pay rent and everyone is happy.  Dont sublet it out to someone who doesnt care or holds up the process.  Do it yourself and investigate old addresses.  

Beyond screening make sure you understand the utility transfer laws.  That can get ugly.  

Have well written leases.   Many can be found at your local realtor websites.  You can tweak them as needed.

Know the codes and inspections needed.  One that is national is pre 1978 needs a lead one.  Your state or county dictate the rest.  More likely if there iscone it will follow the building codes though sometimes existing construction is grandfathered or given more time to comply.

Have a good maintenance team available for on site maintenance.  Have a good lead inspector.

Understand eviction laws to a t.  From what I hear FL is pretty landlord friendly.  That should be a big relief but still screen hard.

Get a property management software going.  I recommend buildium unless your client has hundreds of properties than propertyware or appfolio might make more sense.  Buildium is 45 a month.  You can then give tenants an online portal for payment. Your screening is cheaper then too.

Get to know taxes as you legally should report annually.  Beyond that you should be able to help the owners fill out their schedule e if needed and should be well versed in all the deductions though technically that is accounting it is xertainly helpful.

I cant explain everything in detail.  If i was closer maybe i could help you.  Good luck qith everything down there.

Hi Gabriel,

I think screening is most crucial for a pm company.  A good company is fast but thorough.  Some companies sub out the leasing to an agent who kills deals because they treat the application like a loan and they ask for marriage licenses and car registrations.  Others are too slow and the tenant has moved on by the end of  the screen.  A good agent will be fast but thorough going the extra mile to investigate landlord history.  They will make the application easy for the tenant but still be thorough.  Good tenants are the key to a well rin operation

After screening I would say prompt service and covering the owner insurance wise and from random charges like utilities.

I run a pm business this is mostly what Ive heard

Tim

Thanks everybody I will probably start coming to those meetups soon and meeting some of you in person.

Hi all,

Im a property manager  and investor in Montgomery County MD looking to progress more in property management and smaller residential investments similar to the duplex I have owned for 8 years and the other units I manage.  I plan on looking for deals all ovet the DMV.  I basically just want to replicate what I have and continue with buy and holds.  Eventually upgrading into commercial multi family.

Looking to network here and meet acquaintances to share ideas.

Let me know if your interested.  I plan on attending some of the local events.

Tim

Hi Christian,

I am new to BP to. I also own a duplex I have managed and been profitable with for a few years though it is much closer to you in Montgomery County and the DC area. It can be very profitable for the right deal. Im very interested in going in the direction of Lynchburg eventually and might eventually make investments towards Raleigh . I like the DC area because of the economic stabilty and I crunching numbers a lot to figure out what will be the best deal using areas in the DMV in which I know the rental market. I also do property management for residences and HOAs. If interested maybe we can talk sometime to network. I plan on going to a lot of the local REI events. Let me know if your interested.

Tim

I would say most importantly make it clear however they do give you rent make sure they get a reciept. 

 The problem with checks is they can get lost.  Obviously the tenant might worry about if they write a second check the first one will also be accidentally  deposited and they are out double the money.  Hopefully in that instance they cancel the first.  The lost check happened to me earlier this year for the first time.  I just had them make a wire payment and they saw the check was never deposited. With any things digital their is a reciept you can rely on.  Some people still amazingly make cash deposits.  In that case i tell them they immediately text a legible pic of the deposit slip as well as which branch the deposit was made in.  I immediately check the account but I write into the lease that if the money is somehow missing and they have no suffice receipt per my specifcations then eviction will start like regular.

The point brought up about venmo is fair.  If multiple tenants know each other that might be an issue.  It is kibd of ridiculous eveyones transactions are posted for all to see.

I have never had a problem with lost payment other than that one missing check and that was a post office mistake.  Its ok things happpen.  As long as your on top of it it will be resolved.  I have never had to evict any one.

You will always get your rent as long as you are renting to properly screened tenants.  Good tenants will work with you and find a way.   Look beyond the credit scores and get detailed.  You will not have to keep an eye on your property as much if you keep an eye on who you let in.  Thats the biggest key.