All Forum Posts by: Josh C.

@PJ McLaughlin

I see your point, but as a property manager I can 100% back up what at @Joe Splitrock said. Courts will give you $0 for ten year old carpet. A client of ours here in Indianapolis was once awarded $75 for 5 year old carpet. It has a life span. That’s why it’s expensive upfront, but LVP or refinishing the hardwoods are the way to go. I personally never would put carpet in anything but a bedroom. Preferably not even then.

I’d recommend prorating the carpet based on age. As mentioned above. Also, I’d recommend returning the security deposit as soon as you have looked over everything. Nothing upsets tenants more than you holding their money for no reason. If you know in 6 days, return in 10 days. Then they are less likely to complain what you kept.

Good luck

@Kyle J.

In cold areas you just know that. No different than you aren’t supposed to leave a burning candle on all night right next to curtains. Or don’t leave the front door open when you go on vacation. Other things not in our lease. That is obvious negligence and the deposit should be kept. Unless they just moved there from Arizona or something they knew they were supposed to keep heat on. They just didn’t want to pay for it.

@Rahul Handa

Suits do happen. Unfortunately, we’ve been sued by crazy tenants a few times. We won them all, or settled for a very small amount. A couple grand in attorney fees and move on. Comes with the territory managing hundred of properties. Just quickly respond to issues and use licensed and professional people. That helps a lot. But sometimes mold or bugs or whatever happens and tenants get upset. Or security deposit disagreements as Jay mentioned.

Good luck.

@Victor N.

Maybe true in your area, but you can’t say that for the whole US. That is not the case in Indianapolis. I’m a property manager and we never send anyone to court. Attorneys handle it all, and have the paperwork we provide. Usually, one attorney shows up and does several cases in a row. Sometimes dozens.

Glad we don’t operate in there. :)

@Don Gouge

From my experience about $1500. People are animals.

@William C. And @Jay Hinrichs

I’m not a wholesaler. I’ve been pretty open about how I feel about wholesalers that take advantage of uneducated sellers that are low income or elderly or both.

That being said I think you mentioned this was listed on the MLS. Open market. Yes they marketed it too early, but they still bought in open market.

I once bought something for 140k I know they paid 80k for just one year prior. 35k for something bought for 6k. And others. I cringed a bit, but still paid as it was a good deal for me. I too said they added no value. But that didn’t matter. Market value is market value.

Heck one of our skyscrapers here in Indy was flipped for 30MM more than purchased in just 2 years.

Not defending anyone, I just don’t see the big issue with making money in the open market. Yes some things weren’t handled right, but they still bought and sold in open market.

Just wanted to clear up what I said. I’ll bow out now.

I get your upset, but perceptions change depending on which side of the transaction you are on. Had you been telling us you wholesaled in this exact manner and made 75k you’d be the BP hero of the week.

One of the podcasts was from a more experienced wholesaler saying he puts all of his on the MLS prior to him closing. If the agents can and do close and it's a deal at 225k I know it stings, but seems like they profited on an opportunity. Like we all try to do.

They didn’t lie to the bank saying it’s only worth 150 did they? The bank has brains. I’d take much more offense if the seller was a 85 year old widow like I see everyday. The uneducated sellers it what bothers me. Not big banks.

@Shane H.

Maybe call the police and say someone stole $200 from your account without invoice and without responding to calls. You can prove that easily. Might get things moving anyway. Or piss her off so much she bit bleaches your books.

Good luck. That really sucks

@Eddie Starr

That’s just not common. This isn’t San Francisco where rent is expensive. You can get a nice one bedroom for $700 or less so why would you share? Even in the best location you wouldn’t see this. I’d be afraid of the tenant class that wants to rent one bedroom with a shared living space. Definitely not young professionals. Good fit drug addicts though.

@Georgie Coote

Sorry you are dealing with this. This was fraud in epic proportions. But the open market is the best way to sell a home 95% of the time. So any decent real estate agent can list the home for you and you’ll get a large pool of buyers to look at it. Wholesalers other private buyer are good for when you need gone ASAP or don’t care about money and do care about the hassle.