Five Tips To Be a Successful Landlord In Montgomery County Maryland
May 5th, 2009 categories: Movin Information, Movin Real Estate News
When I meet with sellers these days the discussion of renting their home has become a popular topic. Maybe they are in a situation where they cannot sell and clear enough money to justify selling the home, but they are in a situation where they can keep their current home and still move on to their next home.
In order to do this there are some financial requirements your next lender will require of you in order to qualify for your next mortgage, please consult with a competent mortgage professional to make sure you qualify and help you make sound decisions about your mortgage situation.
In the event you decide to become a landlord because it makes financial sense for you some of the things you will want to consider are ;
1. Get a good accountant. They will be a Godsend at the end of the year for the items that will now become tax deductible to you. Things like capital improvements, depreciation, writing repairs off etc. When you have these types of things to consider as a landlord, you don’t always have to get even steven rent to mortgage payment. For me personally, I lose a little on one property but it comes out in the wash at the end of the year and I have a great tenant, which is worth it’s weight in gold to me.
2. You will need to emotionally detach yourself from the property. You notice I called it a “property”? It is not your home so much anymore, think of it as an investment. I will tell you that you will need a strong stomach to be a landlord. One reason is that most people will not love your property as much as you do and you may have to deal with a tenant that doesn’t pay the rent on time and you may have to juggle the payments sometimes.
3. Make sure that each person interested fills out an application that lets you verify their employment and their credit. You will want to make sure that your potential client has a steady job and that they make the income that they say they do. There are a couple of ways that I verify this as an agent. The first thing I will do is ask for a copy of identification and two copies of pay check stubs. That way you can see that they get paid about the same amount every couple of weeks. If the potential tenant wants you to verify their employment with a phone call to a supervisor, make sure you call the main company phone number and ask for the human resources department to verify their income and employment. You will want to make sure they don’t have you calling their friend. Get something in writing from the HR department verifying the information.
4. Pull Credit. When you have pulled credit on the potential tenant, you will want to review their credit. If you do not know how to read a report, contact the person who pulled the report and ask them to explain it to you. Optimately you will want to have someone with a score near or above 700. That is the number I look for. This will show that they tenant has a good track record of paying their bills in a timely fashion. It is really the only gage that shows how timely they pay their bills. It is not a guarantee, but it is probably your best gage of how timely you will be paid.
5. The last item I make sure that EVERY landlord in Montgomery County Maryland knows about is the fact that you must have a license to be a landlord. It costs $95 a year and you have got to have it. The county says so, and it is part of a standard Montgomery County lease. If you, as a landlord, have a dispute with your tenant - I am even talking about whether or not the rent has been paid or not - and you do not have a license you may not be able to make a claim on the back rent. You will need to consult an attorney, but I personally know someone that lost thousands of dollars by simply not having their county license to be a landlord. If you need an application Click here for one now.
These are basic tips to get you started as a landlord. Remember the people living in your house are people and have feelings. I find that by treating my tenants with respect, fixing things immediately if they are broken they in turn take better care of my property and treat me with the same respect in turn.
If this information seems like too much for you to deal with, you can always hire a professional property management company to manage the property for you. They will most likely charge you a monthly fee, but will be the person that screens the applicants, fields the calls in the middle of the night when the A/C breaks for you so you don’t have to deal with these items.
If you would like information on property management companies feel free to contact me and I can put you in touch with a professional management company.
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Going Green in Montgomery County Maryland
April 22nd, 2009 categories: Movin Consumers, Movin Green Lifestyle
Seems I have been green longer than I care to admit. Ever since I was a kid, like 40, there I said it, years ago. My mom is from Germany and they have always recycled and reused as part of their culture for years before we showed up.
We never wasted anything, brown grocery bags, they were our trash bag, when they changed to the plastic kind, ditto. If we ever got food in those plastic containers, we reused them to save leftovers. We always found at least a second use for everything. Thanks Mom, who knew you were so cool??
We had those grocery bags that you took to the grocery store way back when. However, when I went to the grocery store we would never use them back then, they weren’t so cool. None of my friends did it , you know what I am talking about. Now it is the THE thing.
Fast forward to today, I am the recycle police in my office. Actually, I am pretty obnoxious about it and making sure others follow the green rules as well. Living in Montgomery County Maryland, it is pretty easy to recycle. They provide residents with recycle bins for paper and plastic and we have free pick up once a week.
I was showing a condo in a high rise in Bethesda and there was a representative from the county speaking to the building manager. He was telling, actually insisting, the manager that they need to have the paper recycle bin next to the mailbox area in the lobby so the residence could automatically throw away their junk mail/paper right there in the lobby.
If you are a business in Montgomery County, MD it is mandatory that you have recycle bins for paper and plastic. I swear I will pull regular paper I find in the trash can and put it in the bin. My assistant thinks I am a nut. Too bad, I have my convictions.
I was looking for a marketing idea for a “Pop by”. If you are a Buffini student you will know what a pop by is. For those of you who are not, a pop by is when you have an item of value to drop off to your past client. One day I had an “Aha Moment” for a great pop by idea and it was a very green one that I thought I would share with you.
I was in Whole Foodsand they had the reusable grocery bags. You know the ones I wouldn’t be caught dead with when I was younger? Well there they were, .99cents each. I bought 150 of them for my pop bys.
So what I did was group the bags in twos and made a postcard that said the bags were from me. I tied them together with a ribbon with the note that said they were a way to pay it forward to our Mother Earth. Then drove around to my past clients homes and dropped them off. Some of my folks were home and it was fun to see them too.
I will tell you that I got the most calls and emails from those bags. I still need to do another run to more of my clients and will because I had such a great response from the bags.
The good news is that you spend some green and everyone is happy to help Mother Earth breath a little easier.
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Montgomery County’s Women’s Council of REALTORS® Discussing Social Networking
April 16th, 2009 categories: Movin Montgomery County Maryland, Movin Real Estate News
I was asked by the Montgomery County Maryland Women’s Council of REALTORS® to give a presentation about what I have learned about social networking in the last couple of years. I was honored to be asked and so I went last Wednesday to see the members of WCR
I put my presentation together, keeping it simple for myself and for the members to not be overwhelmed by the massive amount of information that goes along with social networking. I thought Blogs, Social Networks and Micro-blogging would be the a good place to start. Far from being and über geek, I have taken many classes over the last year, and still do now, to learn about this ever evolving way of doing business.
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The Kentlands Gaithersburg, Maryland 20878
March 20th, 2009 categories: Movin Consumers, Movin Lifestyle, Movin Montgomery County Maryland, Movin Real Estate News
If have been shopping for a home in Montgomery County Maryland, then The Kentlands was surely one of the stops or considerations you made. If you are not familiar with the Kentlands it is a Neo Traditional Neighborhood.
The Neighborhood is designed where you could Live, play and work in one area. Smaller yards, sidewalks and all of the amenities and shopping are within walking distance. The Kentlands is a very active, social community in the heart of Gaithersburg.
There is shopping of every kind from food to lawn mowers. Office space is available to run any and all businesses. The warmer months bring out the Farmer’s market, you have Whole Foods and Giant Grocery Stores. Lots of restaurants and pubs as well.
There are several differnent styles of homes. Everything from condos to Luxury single family homes and towns are available for all tastes and lifestyles. The Kentlands even has a senior apartment community.
The condos start, these days, in the low $200,000s and the single family homes can go up to the low $1,000,000. The style is a colonial Williamsburg theme through the neighborhood. The homes sit on small lots, we refer to them as zero lot lines. They are small, mostly decks or patios out back for yard space.
As entertainment goes, the center piece of the neighborhood is the Kentlands Mansion that was once owned by the Kent family who owned all of the land. The mansion is a place to hold events from Weddings to corporate business meetings. The home sets up on the hill overlooking the lake. Next is the Arts Barn. It sets behind the mansion and holds art exhibits, take art classes , even take in a play at the Arts Barn.
If you would rather take in a movie, the theatre is right up the street, and then you can go for pizza afterward.
No matter who you are, the Kentlands has a lifestyle just for you.
For more information contact Audrey June-Forshey at RE/MAX Realty Group.
©Audrey June-Forshey
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Updated Town Home Germantown Maryland 20874
February 27th, 2009 categories: Movin Home Search, Movin Montgomery County Maryland, Movin Real Estate News
Take a look at this home located in Germantown Maryland. It has been freshly painted, new granite counter tops, and updated appliances. The home features nine foot ceilings, new carpet and a large deck for entertaining! All of this for $334,900! This is a normal sale, not a short sale or bank owned property.
If you would like more information, please contact me at 301-938-8028 or AudreyForshey@gmail.com
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The Ultimate Peace: America’s Challenge in The Middle East
February 18th, 2009 categories: Movin Consumers, Movin Entertainment
My-Clients-Book-Publishing-AnnouncementMy Client and Friend, Dr Charbel Moussa just published his latest book. The Ultimate Peace: America’s Challenge in the Middle East, Dr Charbel Moussa
Charlie, told me while we were looking at homes that the book was coming to the market in the near future.
He told me the book was about how the West and the Middle East can better communicate and work together. I am very eager to get my signed copy and read it from cover to cover.
If this subject interests you, I would encourage you to order a copy. Dr Moussa is compassionate and wants to see changes the state of our international relationships.
I am thrilled for my friend, Dr Charbel Moussa, and his success.
Ordering Information The Ultimate Peace: America’s Challenge in The Middle East, Dr Charbel Moussa
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20803 Ireland Court #302 Germantown,MD 20874
February 5th, 2009 categories: Movin Consumers, Movin Home Search
Just Like New!!!
Just like new! Updates galore!!! Freshly painted with brand new neutral carpeting too. The main level has Pergo hardwoods. The amazing kitchen has 42″ cabinets, brand new granite and top of the line appliances. The spacious deck extends off the main level with nice views. The giant windows let in tons of sunshine. It is convenient to transportation and the new lite rail. Make this your home today!
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18424 Guildberry Drive #103 Gaithersburg,MD 20879
February 5th, 2009 categories: Movin Consumers, Movin Home Search
One Level Living
Enjoy the convenience of one level living. Super bright condo located close to public transportation and commuter routes. The foyer and kitchen have new tile. The appliances have been updated in the kitchen. New windows too. Large living room and dining room, which features pergo flooring. Extra storage in extra big laundry room, just for you.
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15905 White Rock Road Gaithersburg,MD 20878
February 5th, 2009 categories: Movin Consumers, Movin Home Search
Come and visit this fabulous find in Darnestown!
Gracious center hall colonial on almost an acre fenced lot. Brand new expansive deck across the back of the house. Gorgeous hardwood floors through out. Master suite with sitting room or nursery or 5th bedroom with fireplace. Banquet sized dining room. Newer appliances in kitchen. FI/Lender info with all offers. Not SS or REO.
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One Level Condo Living in Gaithersburg Maryland
February 2nd, 2009 categories: Movin Consumers, Movin Home Search
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