All Forum Posts by: Orr Kichin

Hi everyone,
I have SFHs, each rented out the conventional way.
Now I own a big house-   ~4000 sqft, 4 bedrooms, 2.5 bathrooms, big back yard, 3 space car garage.
I want to rent it out by bedrooms:
The Master bedroom with a walk-in closet and a private bathroom, and another 2 bedrooms. They will have to share a bathroom. For now, I think 3 tenants is enough.  I'll pay for utilities, internet and lawn care.
My friend/agent will manage it.

Please help me out with these:
1 - What should I be careful of when doing something like this? 
2 - How much should I budget per month for utilities for 3-4 people in a 4000 sqft house?
(btw, it's a gas furnace and winter in Indy is cold!)
3 - Where should I post, in order to find tenants? Is there maybe a designated site for roommates..
4 - What must I add to the lease agreement, in case of multiple tenants?
5 - How can I make sure, that the tenants will not abuse the fact that their electric, water & gas are being paid for?
Can I add something to the lease agreement saying that if the bill is over some amount then... (what can I do?)
6 - Please point out anything, you think will be helpful. 

Thank you so much!!

Hey,

I worked with @Arie Bitton.
Very nice and honest guy.

He's a wholesaler in Indy.
Good luck!

@Ciprian L.

I have properties in Indy in the 77K areas and in the 60K areas and I haven't had these kind of crazy expenses as you have described. Since 2015 I didn't have turn overs, not even on the lower end properties.

I think I owe it to my PM , who does an excellent job and really cares for his properties and clients.

If you want, PM me and I can share what I know, and contact you with my PM. 

perhaps he can offer a lower cost of rehab or maybe give you some advice.

@Son D.

PM me for what you wanted.

@Todd Fry

Hey Todd,

Everything has already been said here, and I understand that it is comforting to get a phone call from Morris himself telling you that he will address it, but unfortunately it's just not good enough, after so many fails. 

Why in the first place would so many things go wrong? That would make me seriously doubt his care for his clients.

On some other note, I don't know if you can change property management at the moment, but if you can you have to!!! PM me if you want, and we can reach out to my Property manager, who is an amazing and responsive person and till now never had me disappointed (manages several properties for me in all areas of town) and perhaps he can help or advise you on what to do.

In any case- he is a very good property manager, sounds like better than what you have now.

And sorry for your bad experience, I had something similar in my beginning in REI and since then I do it all by myself.

Thanks everyone.

Thank you!

@Neil Goradia

Thank you, I will reach out to her.

Hello Everybody,

Please recommend a real estate lawyer in Indianapolis that has experience in working with out of state investors, can handle funds transactions, and most important serves as an escrow agent.

Thank you!

My PM is very good and charges half of first month.  He gives best rates and is very professional. 

He manages mine and my clients properties. 

You can PM me for, details.