the property is located in Indiana. I may be considering doing a "lease option" but I am concerned about the renter defaulting.
Other than stating penalties for late payments what can I expect should I need to evict them?
Talk to an experienced real estate attorney in Indiana. It could save you a small fortune and lots of headaches down the road.
I recommend an attorney named Andrea Tobin, she is in South Bend IN.
You have to give 10 days notice after they are late. After that you file for a court case. The case is usually about 3 weeks after you file. At the case when you win (and i have not seen any that lost unless the tenant paid after the filing) they get 1 week to move out after which if they have not you call the constable and pay about $400 to a moving company employed by the constable to move the stuff out. That takes up to 1 week. So the process is about a 2 month process from start to finish.
It is pretty landlord friendly.
If you want to sue for damages you have to do that in a 2nd hearing which is usually 4-6 weeks after the eviction hearing.
Study the state landlord tenant codes first. That is where you find the answers.
It depends on where the property is located. In Lake County, (Northwest Indiana), you can get them out in 2-3 weeks. It's a very quick process. Good Luck!
@Scott Steffek thanks for the info. I really don't need to do it at this moment. I am asking as I am considering to do a lease with option to buy on a property I want to sell in Greenfield. The buyer is motivated but doesn't have money to purchase the property despite the fact that it is quite inexpensive because it needs work. He wants to live in it and fix while doing so. I just want to know whether or not it might be ok for me to go thru with this or if I am better off trying to find a rehabber who may want to flip it. I would be up to it if I weren't 2k away from it.
@Patrick Boutin I have properties in Greenfield. PM the details and I'd look at it! Thanks!
Don't forget to register to do business in the state or else it can mess up the legal action if it comes to that - I'd consult with an attorney that specializes in evictions here. PM me for more details if you want.
@Thad McNair thanks! I sent u a personal message.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing