All Forum Posts by: Tim Miller

I'm with Scott and Ash, $20k for closing is a rip off! We did FHA on our home for $250k We had $7.5K sellers credit and $8k for down payment and closing. You need to shop around because FHA sets a lot of the cost for the loan and closing. We went through 8 different banks before we landed with an honest loan officer.

@Nina B. Roommates are just like married couples, they can be great or they can be a pain you know where.

Here's my advise from dealing with this. 1. Make sure the each roommate makes 2 or 2.5 times the rent. That way if one leaves, the other can maintain until they find a new roommate. 2. Make sure in the lease that it clearly states the each roommate is fully 100% responsible for 100% of the rent. You don't want, I paid my half. No, you make them work it out. 3. DO NOT allow each of them to make payments to you. You make them figure out who is the payer. Simply put, 1 roommate makes the monthly rental payment. They can figure out how to get each other paid.

Some people will say this is too strict but this is from hard knocks. Good Luck.

Kathryn, not sure why the major delay of getting a new unit and install it. Was it scheduling time for the tech? I would have told them, thanks but no thanks. I would have went online to Lowes, found a good replacement and called to pay, schedule install and been done.

I would apologize for the delay it took the company to get the new unit installed and let them know that you have updated your processes so this doesn't happen again.

Jeremy, got to love our tenants. LOL I didn't see any picture but I'm guessing that this outlet should be going to a circuit box? If so, can you just flip the circuit that controls this outlet? No power, that problem solved. For now.

If not, I know it'd be a pain but you could just pull the outlet and seal it up. Then I wouldn't renew this tenant. Good luck.

State Farm is they were going to stay in the state. You might give them try. Good luck!

@Russell Brazil It's great to know that you're fighting this. If you don't mind my asking, what groups are fighting this. Only asking because we're not hearing anything about them. 

Today, July 18, 2023 Montgomery County council is voting on a rent control bill that could limit your rent increases to as little as 3%.

I want to thank all the hard work that the landlord association and investors are doing to fight...... Oh wait that's right. There is no landlord association, group or anything standing up to Montgomery County! You do not have a say in trying to stop this or at the very least, getting a say in what the bill says in the end.

Remember, your investment into properties can go south real fast. When you don't pay attention to possible legislation that can hurt you. This is what will happen and it can get worst.

https://www.mymcmedia.org/vote...

https://landlordassociation.ne...

https://collegeparkhousing.wil...

You already have the key phrase, they A/C been running nonstop for a few days. I would have replied back, thank you for letting me know and I'll let you know when I have an HVAC company coming out. As Trevor said, by not getting someone out there to look at the unit. It could cost you a lot more.

Remember this, 99% of the time tenants do not tell you the whole story. This A/C could have been having issues for a week or more. You just don't know. Good luck.

No, creating all these LLC is a nightmare. There is no good reason to do so. Legal or otherwise. One LLC or two at most. One is the holding company and the other is the operating company. Regardless, if you create an LLC in a state you do not live in, you will have to register as a foreign entity.

Creating an LLC for every single property is unscalable and there has never been a time when a landlord would lose all their property from a lawsuit. Not unless you are a slum-lord and have total disregard for the law.

Setup one LLC with two bank accounts. One to hold all the security deposits and the other for collecting rent and paying your bills. Get a good accounting software to track everything. Come tax time, this is very important.

Now your LLC can be registered in any state that you do business in but check with that state. Each one operates a little different.