All Forum Posts by: Uchenna A.

Based on my interpretation of NY law you sent, if I wanted to increase rent (within the allowable percentage of course) on say August 1, I am required to send the tenant notice by June 30 (before they pay their July rent). If I was the landlord here, I would let them know by May 30 (60 days ahead) that on August 1, the new rent will be $X. I will within the notice remind them that with proper notice, the option of vacating the unit by July 31 is still available to them if the increase is unacceptable to them. I learned the hard way that tenants will almost never sign anything and send it back without my having to chase them. Only have them send something back within a specified number of days if they disagree. 

My lease (in MD) states that notice of any changes to the terms of the lease (which includes rent increases) will be sent to tenant at least 30 days before it takes effect. They have 10 days to reject such a change (in writing) after which it becomes binding.

Originally posted by @Olivia Umoren:

@Henri Meli The mentor I have now has been great at checking in w/ me and giving me solid advice (actually met him randomly at the airport and one conversation turned into him becoming my mentor). I just like to see other opinions and advice as everyone has road and journey that looks different. My goal for this year is to become as educated as possible about RE and also other investment methods. So far I've completed Rich Dad, Poor Dad and am on to Cash Flow Quadrant. If you have any other books you would recommend feel free to reply with some names/authors!

Thanks for the support and encouragement!

You should read books on negotiations because you will be doing a lot of it not just in real estate but in your daily life. I have read You Can Negotiate Anything by Herb Cohen and I think it's good. I have heard a lot of good things about Never Split the Difference by Chris Voss and should be reading that soon.

I started with my first property in Bowie MD and still live there. You can find good properties under 300k where you can rent out the basement for close to 100% of your mortgage. I have seen people actually live in their basement and rent the top floors for up to 200% of mortgage (talk about house hacking 🙂). I think one of the determining factors should be where you work cos DC area commute can be a nightmare. At least for someone like me who hates traffic.

Please what exactly does it mean for a title company to be “investor-friendly”? I ask because I think title work is the same regardless of whether I am an investor or not. I use Capitol Title in Ellicott City.

I received notice yesterday that effective 4/1/2018, wired interconnected smoke and CO alarms are not required on all levels (including accessible attic) in Baltimore County. My previous installations now seem to have become required. I have a Section 8 inspection coming up on 4/2/2018 so I will see if they’d require me to install one in the attic.

I believe the requirement is one smoke alarm per in each level and they have to be interconnected. One CO alarm outside all sleeping areas (bedrooms). I usually just install a CO/smoke combo on all floors while making sure they sleeping area one(s) cover all and that works just fine with the inspectors. I also think it is safer that way.

When faced with these kinds of situation, I always ask myself what could possibly be the motive and what is in it for the person proposing such. Afterward, I ask them and if it does not make sense to me, I will not do it.

I don’t believe there is any circumstance where you should give a bank your $50k only to take it back with interest. I am sure you have figured that out now.

Also keep in mind that primary residence interest rates are much lower than refinance rates.