All Forum Posts by: Rob Poole

@Chris Mcdonald That's right! Sounds good. Thanks and good luck!

@Jonathan Tavarez Gotcha. Yeah I imagine they probably pick and choose based on past experiences in specific areas, maybe.

@Chris Mcdonald Congratulations on the new acquire! Where's the property located? I've seen and done deals with similar numbers to those in Dundalk (county side).

I own primarily single-unit [single-family attached/detached] properties (only 1 3-unit property). In my experience they're, generally, easier to manage and less hands-on than multi-units. These tenants act more like homeowners and generally have fewer requests and issues. It also seems easier to place quality tenants.

The downside, of course, is, in most cases, lower cash-flow in comparison to a multi-unit property.

@Jonathan Tavarez is right--in my experience I've had to do a minimum of a 6-month seasoning to do a cash-out refinance with a conventional loan based on the current market value (to take advantage of the renovations and subsequent forced equity).

Jonathan--have you tried Bay Management Group? I've used them for property management since 2015. They manage my 3-unit property in Baltimore (in the County, though).

Hey @Jeffrey Page,

Rentometer.com is good source / tool. Also, if you're working with a real estate agent have them pull rental comps from the MLS (MRIS).

You can also scan Craigslist for similar listings in the area and even email the property managers or landlords from these listings to see how much they typically rent their properties for.

No problem, @Daniel Suarez.

It looks like my PM company uses a company called eWrit Filings (https://www.ewritfiling.com/our-services). There are other similar companies that do this service, too (electronic rent court filings). I believe we used a service called ClickNotices (https://www.clicknotices.com) when I worked for a PM company several years ago.

It looks like a filing costs $35 through eWrit Filings from what I can see on my accounting statements--this is charged to the tenant as an additional fee on top of the late fee.

They explain their process pretty well at the link I posted above (for eWrit).

A court date gets set, but it usually gets canceled since the tenant pays. If not, it goes to court and eWrit goes to court on your behalf.

I have never had to go to court myself and have had to follow through on evictions in the past. These were all initiated and filed by my PM company through eWrit Filings.

Note: I have no affiliation with the companies listed above. I have not dealt with them directly and therefore cannot recommend them (not claiming they are good or bad).

Hey @Daniel Suarez,

How long is it taking you to place a tenant at $1500/mo? 

The highest monthly rent I've charged for any of my properties in Dundalk (County) is $1395 and that's for a 3 bed, 2 bath single-family detached cape cod (renovated / in good condition) with a somewhat awkward layout (hence the lower rent for a single-family). I charge $1350/mo for my renovated 3 bed, 1.5 bath row/townhome.

These numbers seem to attract decent tenants for me so far. Anytime I've tried to push it higher it seems like I attract lower quality tenants (they can't compete for the more competitively priced properties?).

My single-family property tenants in Dundalk pay on time the majority of the time.

Some of my multi-unit tenants in Dundalk are more consistently late with their rent, but I do have some of those that are also good about paying on time (when the unit is priced right).

I don't know for sure, but you may be working harder for that additional monthly rent--which, maybe it's worth your time and the additional frustration. As long as you can keep them paying every month (regardless of whether or not they are late).

You mentioned that you haven't evicted yet--are you at least filing for eviction monthly as soon as they're late? I have my management company do this systematically for any tenant that is late. This is good practice for several reasons.

Rob

Hi Maria,

I use Bay Management Group, Laurel for my Glen Burnie rental. I also use them (their Baltimore office) for my Baltimore County rentals. They do an excellent job. I've used them for the past 3 years for all of my rentals.

Hey @Ozzy Sirimsi

We buy cabinets and countertops, and have them both installed by Panda Kitchen and Bath in Laurel. They are very reasonably priced for the quality. They're much nicer quality than in-stock cabinets at the big box stores for not that much more in cost.

They measure on-site and do a free design consult. They're in and out in a day for the install. My only complaint would be that they're sometimes a little sloppy on the install (such as using drywall screws for hanging) -- for the most part they do fine, but I'm very particular when it comes to quality and details. This is not a big enough deal to not use them, though. 

The service is very convenient since you get decent cabinets and countertops, all installed in a day for a reasonable price.

Good luck with the new project!

@Brad Cogswell -- smart move. 

I would be skeptical of most claims of rehab estimates under $50k in the area (for flip / retail properties) -- not that there aren't any, but in my experience they're rare. A lot of the housing stock, in and around Baltimore, is fairly old (1940's and 50's) and typically requires a minimum amount of rehab that often include: rewiring, replumb, roof, windows, kitchens, baths, cosmetics, and oftentimes a full gut to the studs. When you go down to the studs you're pretty much going to have to bring everything up to today's code. This also adds additional planning and time to your rehab timeline which incurs additional expense.

You definitely saved yourself a lot of time, frustration, and money by not moving forward on this property.

I've noticed it, but not sure what it is for. 

I personally don't think we'll see a whole lot of growth here, but I'm no neighborhood growth expert so take it for what it's worth. 

The only indication I could see for potential growth in the area is the recent construction and opening of popular restaurants (Texas Roadhouse, Chilis, etc) and the rebuilding of Dundalk Ave streets and sidewalks. Also the addition of a few jobs with the Amazon fulfilment center. But of course that doesn't necessarily translate to future growth. 

I hope it does though.