Handling Rental Deposits – Deductions and Returns

MarylandHousePros.com

Owning a rental property can be a great way to earn additional income. However, you’ll need to abide by the book in order to avoid conflicts and keep the peace.

As a landlord, you will need to collect and handle rental deposits when tenants come or go. It can be an area of contention when tenants move out. Make sure you and the tenant are on the same page, and you shouldn’t have anything to worry about. This post will help you understand the proper procedures for handling rental deposits!.

Inspect

Before anyone moves in, make sure to do a full inspection of the property. Look for damaged walls, loose baseboards, dings to the counter and floors. If carpets haven’t been replaced, make note of the wear and stains. If at all possible, do the walk-through with the tenant so you can both take notes on any defects. Make sure everything is in writing and take photos and video as needed. Have both parties sign off, making sure the tenant understands their obligation to keep the property in the same condition in which they receive it. Taking these extra steps can save you a lot of hassle in the long run.

Insure

Every property is different, but you should always require at least one month’s rent as a deposit. The deposit should cover any damage beyond normal wear and tear. You can also think of the deposit as an insurance policy should your tenant decide to skip town and break their lease.

Additional situations may require additional deposits. Many landlords will require an additional deposit for a pet or waterbed. Anything that could accidentally cause additional damage to the property should be covered with a deposit.

Return

Returning the deposit is when things can get tricky. Many people move into a new place, counting on their entire deposit to be returned in full. This is when it really pays to have everything in writing. The tenant needs to understand that you’ll most likely need to clean and make repairs (no matter how minor) in order to have the house in good condition for the next tenant.

Carefully review your initial inspection and calculate the costs needed to restore the home to this state. Anything owed back to the tenant will need to be returned as soon as possible and in no longer than 30 days. 

Handle With Care

Some states require all rental deposits are kept in a separate account. Even if your state doesn’t require this, it is a good practice to keep deposits from commingling with other income. Make sure you follow the rules for your state! And keep in mind, the money needs to be accessible for returns or repairs when needed. If you own many properties, a property management company can be beneficial in helping to manage your funds. They can also handle some of the headaches, repairs, tenants, and vacancy issues that come along with owning rental properties!

To make sure everything runs smoothly, always make all policies regarding the deposits known to tenants. Be as transparent and communicative as possible to avoid any conflicts. Always strive to make sure you and the tenant are on the same page! And remember to treat them the way you would like to be treated!

Would you like to learn more about tenant relations and property management? Send us a message and let us know how we can help! Or give us a call today! (240) 389-4319

Cash House Buyers In Capitol Heights

“I Need To Sell My House Fast In Capitol Heights!”

We Buy Houses Anywhere In Capitol Heights And Other Parts of Maryland, And At Any Price. Check Out How Our Process Works. We’re Ready To Give You A Fair Offer For Your House.

If you want to sell your Capitol Heights house… we’re ready to give you a fair all-cash offer.

Stop the frustration of your unwanted property. Let us buy your Maryland house now, regardless of condition.

Avoiding foreclosure? Facing divorce? Moving? Upside down in your mortgage? Liens? It doesn’t matter whether you live in it, you’re renting it out, it’s vacant, or not even habitable. We help owners who have inherited an unwanted property, own a vacant house, are behind on payments, owe liens, downsized and can’t sell… even if the house needs repairs that you can’t pay for… and yes, even if the house is fire damaged or has bad rental tenants.

Basically, if you have a property and need to sell it… we’d like to make you a fair cash offer and close on it when you’re ready to sell.

Do You Need To Sell Your House in Capitol Heights, Maryland?

We can buy your Maryland house.
Contact us today!

Even if an agent can’t sell your house, we can help.(Sometimes selling a house through a real estate agent is not for everyone.)

And as a bonus…

• you don’t need to clean up and repair the property
• don’t waste time finding an agent who you trust and who can deliver on their promise of selling your house quickly
• you won’t need to sign a contract that binds you to an agent for a certain term
• or deal with the paperwork and the waiting and wondering (and hoping)

We’ll know very quickly if we can help you, and unlike selling through an agent, you don’t have to wait to see if the buyer can get financing… we’re ready to buy right now!

All that hassle can add stress, months to the process, and in the end after paying the agent’s expensive fees, you may or may not be ahead of the game.

We work differently at MarylandHousePros. When you contact us and submit the short property information form (below), we’ll give you a fair all-cash offer on your house within 24 hours… and the best part is: we can close whenever YOU choose to close – it’s entirely up to you. It doesn’t matter what condition the house is in, or even if there are tenants in there that you can’t get rid of… don’t worry about it. We’ll take care of it for you. And if you need the cash quickly, we can close in as little as 7 days because we buy houses with cash and don’t have to rely on traditional bank financing. (Go here to learn about our process →)

In short…

No matter what condition your house is in; no matter what situation or timeframe you’re facing… 

Our goal is to help make your life easier and get you out from under the property that’sstressing you out… while still paying a fast, fair, and honest price for your house.

What Do You Have To Lose? Get Started Now... 

We buy houses in ANY CONDITION in Maryland. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (240) 389-4319...

• Property Address*
• Phone
• Email*

Or Give Us A Call Now At: (240) 389-4319

We help property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Maryland… including Capitol Heights and surrounding areas and pay a fair cash price, fast. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast for cash.

If you simply don’t want to put up with the hassle of owning that house any longer, and if you don’t want to put up with the hassle and time-consuming expense of selling your property the traditional way, let us know about the property you’d like to be rid of and sell your house fast for cash. Talk to someone in our office before submitting your property information by calling us today at (240) 389-4319

We buy houses in Capitol Heights, Maryland  and all surrounding areas in Maryland. If you need to sell your house fast in Maryland, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂

https://youtu.be/Y74jXXbnabc

MarylandHousePro.com

Cash for houses in Maryland – how to sell your Maryland house for fast cash

MarylandHousePro.com

Need to sell your local Maryland house fast for cash? Explore your options below…

Yes, Local house sellers are still getting cash for houses in Maryland even in this real estate market.  Years back, selling a Maryland house for cash was quite easy and fun.

All you had to do was hang a “For Sale” tag on your front yard and wait for potential buyers to call you… and sometimes you’d get 5 above asking price offers before dinner time.

However, in today’s tough economy, coupled with an unstable (but stabilizing) housing market, just about everyone from homeowners to real estate investors and agents are having trouble when it comes to selling houses fast in some parts of the local market.

Throughout the country, more and more homeowners are seeking to sell their homes fast thus creating stiff competition in the market.

However, if you are trying to figure out how to you can get cash for houses in maryland, then you should not lose hope, especially if you know what you can control; and there is a lot that you can control.

Here are a few tips that can help you sell your Maryland house for cash in the shortest time possible…

Getting Cash For Houses in The Maryland Area

There are a few viable options when you’re selling your Maryland  house for cash in today’s market… and I’ll walk through some options here in this article. Hopefully by the time you get to the bottom of this article you’ll have a pretty darn clear picture for the options you can go after to sell your house fast without hassling with a buyer who has to get a loan from a bank… that may take weeks or months.

Do not be carried away with emotions

When you are trying to sell your Maryland house fast, you must start off by taking complete charge of your emotions. When your life and money, or both, are tied up in the house, it is quite easy to succumb to the power of emotions when selling your house. However, you need to know that you will be able to make a wise decision and get the best deal when selling your house fast if you take a logical approach to the task at hand.

Know your competition here in Maryland and your neighborhood

While trying to sell their maryland houses fast, most homeowners place a “For Sale” tag in their front yards blindly without doing a prior research of the prevailing market prices. Remember, every buyer wants to get the best value for his money… but some house sellers can wait the 3-6 months to sell that it may take for a full price buyer to come along… while other sellers need to sell immediately.

So if you need to sell immediately… see what the other houses in your neighborhood that are similar to yours are listed for (or just sold for)… then look and see how long they took to sell.  If you can’t wait that long… how much of a discount are you willing to give the cash buyer in order to attract them to buy your house quickly?

As such, potential buyers will be doing a thorough research in order to find the best house that suits their budget and needs. To help you out, you need to know what the other sellers are offering in order to know how to quote your house competitively.

Objectively asses your situation and property

It is important that you establish whether your house can compete effectively with what other sellers are offering. It if cannot, then find out if you can make a few repairs to make it competitive in the marketplace. If this is necessary, you need to create a budget and timeline during which you will renovate your house before putting it up for sale if you’re going to try to sell it to a “retail” buyer (someone who plans on living in the house).

However, if you do not have the finances or time to repair the house, you can still sell it fast in “as is” state. That’s actually what we do here at [company]. We buy [market_city] houses… we pay cash… we can close quickly… and you won’t have to do any repairs at all.

Give us a call at 240 389-4319 if you need to sell fast... we can make you a fair all-cash offer within 24 hours. No obligation or hassle at all. Take the offer, chew on it and decide if it’s right for you.

Get the pricing right

Most local maryland home sellers fail to sell their houses fast because they are asking for too much.

Be sure to talk with an experienced real estate agent in order to give your house the right valuation so you know what you may be able to sell it for if you list it with an agent.  If you can wait the 3-6 months to sell to a full priced buyer… awesome! Price it high and see what you can get!

If you have to sell your house fast… you’ll need to price your house more attractively and be willing to negotiate on price.

There are several reasons why you may want to get cash for houses in [market_city]. It could be due to a pending foreclosure, a recent divorce or death in the family or the need to downsize to save money. Regardless of your reasons, these simple tips can help you sell house fast at a competitive price.

Want to learn more quick home selling tips? Click here. Better still, call us today at 240 389-4319 for amazing cash for houses deals in Maryland. 🙂

We here at MarylandHousePro.com offer cash for houses in Maryland.  We’re local buyers helping local home owners sell their house quickly with no hassle.

We either hold these houses ourselves or remodel and fix them up for someone else who would love to live there and enjoy the home themselves.

If your Maryland house qualifies, we can you make a quick and fair cash offer.

Fill out the form to get a fast and fair cash offer on your Maryland house, or give us a call at [phone] and get an offer within 7 minutes

MarylandHousePro.com

https://youtu.be/ExHPTSlAL2Y

Selling My House Fast in Maryland

Last updated on October 24, 2015

You need to sell your Maryland house fast right?  If you’re saying… “I’m having the toughest time selling my house fast in maryland“… you’re at the right place 🙂

These tips will help you get your property sold.

[NOTE: Most important – if you really need to sell fast, consider the option of selling for cash offer to a qualified local investor like MarylandHousePros

Selling My House Fast in Maryland – Your Options

Lately the financing world has been really screwy. Lenders change program requirements at the last minute – and for normal purchasers, that could delay your sale.

Keep in mind that anyone can write a cash offer, even if they’re borrowing money to purchase the property.  So when you’re selling a house through a real estate agent to an end buyer… be prepared that if the buyers financing falls through… you’ll have to start the sale process all over again… adding more months to the process, more holding costs you have to pay for, and more.

To avoid having the buyer pull out at the last second because of financing… one option is to sell your house to a local investment firm like us.

Often, qualified investors have access to multiple lines of credit with public and private lenders that is secured by other assets.

That means we can close quickly and we don’t have to wait for a bank loan to come through. You get your sale done and cash in hand quickly. 

You’ll have to do some due diligence to make sure you’re dealing with a qualified local investor. Qualified investors will have no problem providing you access to bankers and references who can verify the investor’s ability to close on the loan.

If you’ve taken a cash offer with an earnest money deposit, you might be entitled to keep the deposit if the buyer can’t close on the purchase.

But how do you get cash offers fast?

You can get a fair cash offer from us actually today.  We’re buying properties in the [market_city] [market_state] area, which we’re local to… and we buy Maryland houses … then we either hold them as rentals for ourselves… or we’ll repair / remodel the house if it needs it and sell it to someone who loves the house.

If your local Maryland property qualifies, we can buy your house fast.

Just fill out the form or pick up the phone and call us anytime at 240 389-4319

Real Estate Disclosures – What You Have to Share Legally in Maryland

Last updated on October 3, 2017

Real estate disclosures come with many questions for both a buyer and seller. Our rule of thumb? Be as open and honest as possible. In our latest post, we will cover what you need to disclose by law. 

Being an open and honest seller will not only help you avoid a lawsuit, but it will also make you a trustworthy, stand-up, all-around person. Hiding defects, looming repairs, and any other issues with the home will only come back to bite you in the end. Whether through a lawsuit or good ol’ karma… if you believe in that sort of thing.

Most real estate lawsuits occur because of non-disclosure.

So exactly how much are you required to disclose legally? Basically, anything that can affect the value of the property. Here are just a few of the things you should address:

• Issues with the land, such as drainage, bad soil, and potential for flooding. Bad soil can limit building and low-lying areas can be prone to flooding and water damage.
• Foundation level and known cracks must be disclosed. If the house settles more than it already has, it could experience structural damage.
• Plumbing problems, sewer issues, and leaky pipes all need to be brought to the forefront. Some of the most expensive home repairs stem from water damage.
• Any problems or irregularities with the heating and cooling systems should be addressed.
• If you have a problem with cockroaches, rats, ants, termites or moles, you will need to inform your potential buyer.
• Have a leaky roof or missing shingles? Tell your buyer before they find out during a rainstorm.
• Lead paint is a no-brainer. This disclosure is one of the most common you will see with home sales and rentals.
• Are there issues that will affect the title? Or rightful ownership? This needs to be spelled out up front, not during the closing process.
• You should also have documentation for repairs and insurance claims you’ve made in the past. You should be able to describe what was done and the materials used.

Additionally, some states will require more in-depth disclosure of hazard zones which include flooding, earthquakes and other environmental factors affecting the land. Some states will also require any violent crimes committed in the home be common knowledge. Not every state requires this, but it is a good rule of thumb to follow. Think about what you would want to know if you were buying a home for yourself!

Disclosures help a buyer learn as much as possible about a house before making their purchase.

You are selling a great home right? When you keep something to yourself, a minor, needed repair can snowball in much bigger problems. Many properties have something pop up during the inspection that the seller wasn’t prepared for. Imagine, your asking price slashed because of a defect you were unaware of. Your house is a multi-faceted machine. Many sellers choose to have their home inspected prior to a sale. This allows them to make the necessary repairs ahead of time, lessening potential buyer’s bargaining ability. An inspection will also show good-faith in selling. You are telling the world you want your home to be in the greatest possible condition before it is sold.

Disclosure rules vary state to state. Your agent, attorney or broker will be able to supply you a checklist that covers the requirements for your state. Review the list in its entirety and add as many detailed notes as possible. Don’t forget to include the dates of upgrades and repairs. Fill out the form as honestly and as completely as possible. If you have questions, it is best to talk to a lawyer instead of your agent. Your agent might avoid such questions as they are out of their scope, and they want to lessen their liability.

Remember, YOU CAN GET SUED for being dishonest.

And if you are found liable, you will need to pay for repairs, legal expenses, punitive damages and in some cases, the sale can be rescinded. Make sure you are working with a trusted professional to help guide you through real estate disclosures.

Are you selling your home in Maryland? If you have questions, we have answers! Fill out this form, or give our office a call now! 240 389-4319

MarylandHousepro.com

4 Tips to Help You Turn a Profit Flipping Property in Maryland

Last updated on March 31, 2017

Do you love real estate? Have you always wanted to learn about how to turn a profit flipping property in Maryland? We’ve put together some great tips to help get you on your way to making excellent profits by buying and selling properties in Maryland. 

The idea of flipping houses has grown over the past few years, partly due to reality TV shows and partly because more and more people have fallen in love with the idea of getting their hands dirty, doing the work and (if all goes well) turning a great profit.

Before you dive in head first, you should make sure you understand exactly what you are getting into.

Know Your Market

Real Estate Markets vary throughout the US. What is happening in your local market, might be different than what’s going on in the country as a whole.

• Are prices rising or falling?
• What are new facilities and infrastructure is in the works?
• What about the area will attract buyers?

If you buy a home in the area, does in make sense to hold and rent the property until prices rise even further.

Know Your Numbers

Do you know what an ARV is? This is the value of the home after repairs and upgrades have been made. You need to figure out this number by studying the market and working with a contractor who can accurately price out what it will cost to fix up the home.

You will also need to factor in the time it will take to complete the work and sell the house. While you are the owner, you will be the one responsible for the taxes, utilities, the mortgage (if you have one) in addition to the costs of materials, labor and so on.

Know Who Your Buyers Are

What is the demographics in the neighborhood? Are there families, retirees, outdoor lovers or students in the area? What will they be looking for in a home?

You will want to buy a home that that has features your leading demographic is looking for.

If you have young families buying in the area, focus on creating an open family room or finish the basement. If you have retirees, make the house easily accessible and the yard low-maintenance.

Price To Sell

Be realistic about what you can sell the home for. When you are calculating your ARV, don’t inflate the price to what you hope to get. When flipping a home, you want to sell it QUICKLY!

After doing your homework, you should know what homes are selling for in the neighborhood. Make sure you are listing your home at or slightly below these amounts.

Are you ready to turn a profit flipping property in Maryland?

If so, it is important to spend time thoroughly educating yourself and making sure you are aware of all market factors that will be involved.

If you are new to flipping and real estate investing make sure you work with a professional who can guide you through the process so you don’t end up losing a lot of money!

MarylandHousePros.com/investors can help you with your investment needs! Give us a call 240 389-4319 or use this form to contact us today!

MarylandHousePro.com

Sell House Fast In Capitol Heights

“I Need To Sell My House Fast In Capitol Heights!”

We Buy Houses Anywhere In Capitol Heights And Other Parts of Maryland, And At Any Price. Check Out How Our Process Works. We’re Ready To Give You A Fair Offer For Your House.

If you want to sell your Capitol Heights house… we’re ready to give you a fair all-cash offer.

Stop the frustration of your unwanted property. Let us buy your Maryland house now, regardless of condition.

Avoiding foreclosure? Facing divorce? Moving? Upside down in your mortgage? Liens? It doesn’t matter whether you live in it, you’re renting it out, it’s vacant, or not even habitable. We help owners who have inherited an unwanted property, own a vacant house, are behind on payments, owe liens, downsized and can’t sell… even if the house needs repairs that you can’t pay for… and yes, even if the house is fire damaged or has bad rental tenants.

Basically, if you have a property and need to sell it… we’d like to make you a fair cash offer and close on it when you’re ready to sell.

Do You Need To Sell Your House in Capitol Heights, Maryland?

We can buy your Maryland house.
Contact us today!

Even if an agent can’t sell your house, we can help.(Sometimes selling a house through a real estate agent is not for everyone.)

And as a bonus…

• you don’t need to clean up and repair the property
• don’t waste time finding an agent who you trust and who can deliver on their promise of selling your house quickly
• you won’t need to sign a contract that binds you to an agent for a certain term
• or deal with the paperwork and the waiting and wondering (and hoping)

We’ll know very quickly if we can help you, and unlike selling through an agent, you don’t have to wait to see if the buyer can get financing… we’re ready to buy right now!

All that hassle can add stress, months to the process, and in the end after paying the agent’s expensive fees, you may or may not be ahead of the game.

We work differently at MarylandHousePros. When you contact us and submit the short property information form (below), we’ll give you a fair all-cash offer on your house within 24 hours… and the best part is: we can close whenever YOU choose to close – it’s entirely up to you. It doesn’t matter what condition the house is in, or even if there are tenants in there that you can’t get rid of… don’t worry about it. We’ll take care of it for you. And if you need the cash quickly, we can close in as little as 7 days because we buy houses with cash and don’t have to rely on traditional bank financing. (Go here to learn about our process →)

In short…

No matter what condition your house is in; no matter what situation or timeframe you’re facing… 

Our goal is to help make your life easier and get you out from under the property that’sstressing you out… while still paying a fast, fair, and honest price for your house.

What Do You Have To Lose? Get Started Now... 

We buy houses in ANY CONDITION in Maryland. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (240) 389-4319...

• Property Address*
• Phone
• Email*

Or Give Us A Call Now At: (240) 389-4319

We help property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Maryland… including Capitol Heights and surrounding areas and pay a fair cash price, fast. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast for cash.

If you simply don’t want to put up with the hassle of owning that house any longer, and if you don’t want to put up with the hassle and time-consuming expense of selling your property the traditional way, let us know about the property you’d like to be rid of and sell your house fast for cash. Talk to someone in our office before submitting your property information by calling us today at (240) 389-4319

We buy houses in Capitol Heights, Maryland  and all surrounding areas in Maryland. If you need to sell your house fast in Maryland, connect with us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose 🙂

https://youtu.be/sQopnVB_ILQ
https://youtu.be/Y74jXXbnabc

Is There A Holding Period Before Selling My Inherited Home? 

MarylandHousePro.com

If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…

If you’ve inherited a property, you might now be wondering what to do with that property. And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”

Great question. There are a few things you should know in order to answer the question…

Is There A Holding Period Before Selling My Inherited Home

Probate Versus Inheritance

In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a stage along the way – it’s the step of proving the will and making sure that the right heir gets the right inherited property.

Therefore, if someone leaves you a home and the house is in probate, you might not be able to sell it right away because the will is still being proved and there could be other heirs contesting the will.

However, if probate is complete and you fully own the inherited house, then you can likely sell without waiting.

There Is A Holding Period (But Not What You Think)

There is a holding period with inherited homes but the holding period doesn’t mean you can’t sell… it’s simply a term used to describe how you will be taxed on the property – and it depends on when the deceased passed away.

However, in most cases, this won’t prevent you from selling the property but you should talk to an accountant to see if the holding period will impact how much tax you pay.

There May Be Other Factors

While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell – such as if the house still has a mortgage or some other obligation. But in many cases, these can be sorted out and, in the long-term, shouldn’t keep you from selling.

So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell and you can get that process going right away. However, be aware that there could be other factors that may delay the sale, or that could impact the tax you’ll have to pay when you sell.

Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.

Ready to sell fast in Maryland? We’re ready to make you an offer right away. Just click this link and fill out the form or call our office at (240) 389-4319.