All Forum Posts by: Angela Smith

How much time is left on the current lease?  Are you allowing the tenants to stay?

First steps is to decide the answers to those 2 questions.  If the lease is due for renewal, take a look at the fair market rent and adjust accordingly.  It they are good tenants and you want to keep them, you may need to increase the rent incrementally as opposed to all at once.  But, it they are paying the same rent as they were 7 years ago, then adjustments will need to be made.  Also, analyze the current lease very closely.  make necessary addendums as you are taking over as owner.

Other immediate steps.  Determine repairs that are needed and attend to them right away.  If the tenants are vacating, this will be easier, otherwise will need to work with the current tenants to schedule the work.

Congratulations and good luck.

Beech Grove perhaps?

write your paper.  But this concept is not going to happen.  The only way Universities act as landlords is in the form of student housing (dorms and on-campus apartments).  I don't see any possible way Universities would have an interest in providing and maintaining housing for any other type of tenant.  

My questions:

What happens when the student's loan comes due and they fail to make payments?

What happens when the tenant stops paying?

Who does the tenant contact when a repair is needed and who pays for the repair?  

Who does the tenant enter into the lease contract with...the student or the university?

There's a lot I don't understand.

Furthermore, think about who becomes a university professor.  It is people who are degreed above and beyond the students they are teaching.  More questions:

Where do you expect to find a master or doctorate prepared real estate investor to develop such a program?  

How will this type of program become accredited?  

What is the degree track?  

What would a curriculum for this track look like? it must include theory, research and participation in professional activities.

How will this be funded, universities are supported by endowments and taxes, programs cannot rely on tuition alone.

This sounds like a very difficult paper to write, and impossible to defend.  But, none the less, I wish you well.

What does you lease say about tenant possession beyond the end of the lease?  Mine had a provision to allow me to bill them $100 per day.  I've never done it, but have used this to lure them out.

What makes it illegal?  Is there a way to use the space for a roommate as opposed to a tenant?

Concerning your neighborhoods of choice.  FS and BR are similar although BR was cool long before FS ever was.  Also BR eateries and bars might be a bit more stable than FS.  But who really knows as the pandemic has played a role here.  

FS has been a hot area for flippers in recent years.  This has caused the cost of entry into the area to rise quite a bit.  Are you looking for a rehab project, or something that is turn-key ready?  

Carmel on the other hand, is very different.  It’s a nice area, you can accomplish your goal.  And I’m saying it’s not a good location. It’s just different than the other 2.  More spread out and typically the properties are much newer, not the older homes of the other neighborhoods.

Where have you looked for duplexes, what neighborhoods. If you are looking in the suburbs, it will be harder to find a duplex. But, in town, there are many. Also, the cost of purchasing a duplex is typically less per square foot than a SFH.

If you go the SFH route, what are your concerns about potential tenants?

yay!  we are putting a property up for sale next month.  this is music to my ears

I am an Indianapolis resident as well.  What are you target properties?  what class?  are you looking for single family, multi-family, commercial?  Do you know your budget yet?  Are you looking at any particular area?

I used to work in the Mars Hill area, at one of the pharmacies.  We used to refer to that market as the "left armpit of Indianapolis".  I would get patients from all areas of Decatur township.  There are some areas in that township that are fine, but Mars Hill is not one of them.  Lots of meth and heroin in the area.  Many unemployed people who aren't bothered by that status.  There's drug trafficking, sex crimes, robberies.  The pharmacy was, and still is, a target for robberies.  In fact, I was in the drive through over there recently (I live in the neighboring township and still get my RX fill there), I noticed 2 people wearing street clothes enter the pharmacy.  I knew right away what was happening.  The pharmacy tech handed me my stuff and I pulled around the building in time to see the 2 perps running out to the store.  The ran right down the middle of the street, I followed them for a block, then they got off the road.  Typical day in the life at Mars Hill.

Nice place, nice people....NOT