All Forum Posts by: Tim Miller

I'm with Nathan, we haven't had any pet damage that couldn't be covered by the security deposit. We charge $300 Non-Refundable Pet Fee, per pet and $35 a month extra per pet.

In our 4-plex that totals: $2,400 Pet Fee  --  $3,360 extra a year in rent. Now you have their security deposit and either $300 or $600 extra to help cover any damages. Again, as Nathan said, establish solid rules, policies and procedures and you'll reduce your risk. Good luck.

Quote from @Jennifer Shaw:

They are month to month. And the 10,000 was for if they moved in May. Which they did not. So I’ll just wait until end of august 

$10k  to move out? WHY? They are M to M just give them the Non-Renewal notice and take them to court if they hold over. Never ever offer money like that to just get someone to move out!

Since you have $10k get a lawyer and get them out.

We bought our house in 2008 and we have paid over $150k...... let me rephrase that. Our roommate and downstairs tenant have paid over $150k of our mortgage. With rent increases we now have a nice monthly surplus. Financially it's great and from time to time to gets on your nerves but we would do it any other way.

Quote from @Tanya L.:

Just getting started house hacking in Maryland.  Seems like the deposit needs to be held in an account located in Maryland - so an online high-interest savings account is not an option, is that right?  Thanks.

We have a high interest online money market account. This rule of Maryland isn't heavily enforced but would be an issue if you didn't return the funds or you spent the funds.

I'm with Austin, I'd probably walk. But what I don't understand is, why do you have to have the previous seller to sign off? It's a Tax Lien and the tax office doesn't care who pays it. Talk to a real estate lawyer and see what the real issue is and make your decision. Good Luck.

Quote from @Bruno Smith:

@Tim Miller

Is Hagerstown a good place to buy right now?

What is currently on the market is over priced! Most of the properties have years of deferred maintenance that kill the numbers. Unless you're a 100% cash buyer, or you can find an off market deal. Most multi-family property will not work for you.

Quote from @Erin Dorsey Robinson:

Quote from @Tim Miller:

In Hagerstown, MD we are raising rents between $25 to $100. For our current tenants that we want to keep, we are keeping their rents about $50 to $100 below current market. Half of our units have been upgraded within the last 3 years. We're pushing $1,400 a month for a 2 bdrm and almost $1,000 for a 1 bdrm.

 We have some great tenants as well. These answers are interesting as we are mulling over increases in the next couple of months. We take a similar approach with the folks we want to keep. We've found that if we are about $50-100 under market they stay for years. Have you found that the number of applications you are getting for the 2 bedrooms has changed as the price has gone up?

 No, but Hagerstown market is HOT right now. We schedule 10 showings for a Saturday & Sunday, last minute cancels and I have the time slots filled same day. We almost always have a qualified tenant the very first weekend.

In Hagerstown, MD we are raising rents between $25 to $100. For our current tenants that we want to keep, we are keeping their rents about $50 to $100 below current market. Half of our units have been upgraded within the last 3 years. We're pushing $1,400 a month for a 2 bdrm and almost $1,000 for a 1 bdrm.

A really good Landlord / Tenant attorney would be able to help. I'd google for a local REIA or Landlord Association, reach out to them and they may have some info for you.

It sounds like they have already file and you received a notice from the court, correct? Basically what it means, as of today, June 30, 2022 if they owe you 2+ months back rent. You are SOL and you cannot proceed with any eviction. Now if they are still under a lease, tomorrow, July 1, 2022 starts the clock all over. If they do not pay rent tomorrow, send them the 10 day notice to pay or you will file with district court. Maryland's new law, you have to give 10 days notice.

Now if they are month to month, you can give them their 60 day notice of non-renewal. Sorry! But Maryland's other new law, yearly agreements you have to give 90 day notice and M2M 60 days. Good luck!

You basically said it yourself, you are a couch surfing landlord. You seen an ad for this fabulous "Turn Key" property and you didn't do any due diligence. Now the property isn't preforming as advertised due to a tenant moving out in 18 months. It's time to redo your numbers on this property and if you can't get them to work with a turn over every 12 months. I'd say it time to sell and get another property that will. But that will require you to do some work.