All Forum Posts by: Tim Miller

Yes, it's a big red flag! Plus you cannot accept it in Maryland. Maryland law clearly states that you can only hold 2 months worth of rent, security deposit and last months rent. Anything more and you open yourself up to being sued.

You gave her notice and you didn't follow through? Don't give cash for keys, use the cash and hire a lawyer. In New York, you will be better off having one then not. 

Yeah, Hagerstown, MD has somewhat reasonable requirements. Inspect every 4 years at turn over. Yearly license - $75 Per Unit.

Frederick, MD will start Jan. 1, 2023. Any LL that doesn't register will be fined $1,000 a day.

Just wanted to bring this topic up for any investor / landlord that isn't aware of the new rules. Below are a few links for more information on this.

https://www.cityoffrederickmd....

https://www.fredericknewspost....

I'm still reading through the new Ordinance but I'm not clear on 2 items. 1. Is the $120 license Fee Per unit, Per property or Per Owner? 2. How are these "Inspection" going to be handled? Will they be done after a tenant moves out and before the next one moves in or will they force their way into tenants private homes to carry out these inspections?

Another issue with this Ordinance - Sec. 12.5-37. Local representative. The local representative must maintain a residence or business address in the City.

The Landlord Association in Hagerstown MD just informed us about this. I do not see any LL Association for the City of Frederick or Frederick County. Now might be a good time to start one because otherwise you will not have a strong voice with the city.

I agree with JD but I'd be looking for a new PM. Why is the PM coming to you about this problem? It sounds like they don't know how to handle this situation. Tell your PM to do their job and get the tenant out! Again, time to fine a new PM.

@Account Closed You are doing things correct. As others have said, make sure that all future tenants know what they have to do on move out. Document everything! Yes you can charge for your own labor but you need to state what your labor cost are up front.

Repainting wouldn't have been needed if the tenant had left the walls alone. Yes, they are responsible for paying to have the unit repainted now.

Cleaning charge is not to high. We charge $35 an hour to clean any units ourselves. It's clearly stated in our Listing of Fees that all tenants receive.

Going forward make sure future tenants receive a listing of all fees and that they sign it as part of the lease signing. Again, document everything and keep up with local laws.

Quote from @Michael Nahm:

Once more, seeking wisdom on BP.

I have a potential tenant who has great credit and all looks well, however, he is a smoker.

I realize that I can’t control everything, and to each his own, and he didn’t have to be honest about smoking.

I’d like to approve him, though would like a higher deposit to mitigate potential damage.

Any advice would be appreciated (how much, if there’s anything else I need to account for).

We have no issues with smokers. We state in our ads and the lease that there is No Smoking and/or Vaping of any Substance in our units. As Nathan stated, we inspect all of our units regularly and we get reports from our contractors about the units they were in. All of our smoking tenants smoke outside and we haven't had any issues so far.

Just make it clear to the applicant that if you are approved, you can only smoke outside and what the consequences are for violating your rules.

If it's a single family home, the tenant takes care of ordering and paying. Duplex (over/under) you can either include it in the rent or split it 50/50. We took out an oil boiler and installed a new gas boiler. Good thing we did! We don't have any single family homes and we use to split the heating bill but it's a pain to maintain ever month. We just raised the rent and include it now.

@Paul Guarino First thing, you'll need to check to see what your local law says you can do. Some states and locals will not allow you to raise rent more than once a year.

Is painting and new carpet, plus the 1 to 2 months without rent going to be worth it? Is a complete rehab going to get you more than $300 a month. Just make sure the numbers work for you. Good Luck.

As others have stated, there are different reason why you may or may not want to live in a rental you own. We look at the neighborhood, is it a good neighborhood to live in or is it a high crime area. If it's a high crime area, then we're not buy.