All Forum Posts by: Russ Draper

I wouldn't pay the tenant anything.  It was his house, it has emotional attachment to him.  I don't think they will move without the sheriff kicking them out.  Start eviction day 1!  Do you have reason to believe they would damage the place further?  Are you sure that investor is the only one with a lien on the property?

Do NOT pay them anything. You know the old saying, If You Give a Mouse a Cookie he'll ask for a glass of milk .  Don't give them anything because they'll just keep asking for more and it's totally not your fault and you are not liable this is what renters insurance is for !

Isn't this a regular home equity line of credit kind of deal? They would pay based on the appraised value  so something like 80% of the appraised value .

Aside from googling I haven't heard of him.  IMO you can get the same information for free from this website, maybe buy a couple RE books for $100 total investment would give the same information.

I thought redfin was listing homes for sale? There isn't a contact form? Is it listed on the MLS? Any agent should be able to see the listing info.

Otherwise, you can go to the county website and they probably have a lookup form to see the owner (sometimes they charge a fee).

I concur with Andrew, I also owned apartments near universities and they did rent quickly, but the quality of tenants was lower and they did cause more damage than non-college apartments.  I used PM's and they would try to get parents to co-sign since the renters had no history (and try to stick parents with the bill if their kids damaged the place).  Good luck!

I used to own properties in Terre Haute and Huntington, and know people that own lots of places around Indianapolis.  Rents were about $500-700/mo for places outside Indianapolis, and slightly higher near Indy.  Getting $1200/mo for a 2br sounds insane to me, but it could be doable if the market really is that high.

ROI to calculate rent isn't how it works, it depends on what the market rent for the area is. You said you looked at craigslist I would also try other websites to get a feel for what rents are vs how nice your place is.

You could always engage a broker to rent the place for you and try it out for a year.

If its just a single-member LLC I wouldn't bother with an accountant to set it up, they aren't lawyers and wouldn't really have much benefit from what I know. I would just use something like legalzoom or form-a-corp or some other website to setup a basic LLC for you.

To answer your initial question, I paid approx $1000 to setup a structure similar to your above about 10 years ago.

Isn't Hardieboard more expensive than vinyl?  I only see it on higher end properties around here.

Most duplexes and condos have a condo fee or HOA fee that would detail repair scenarios like you are mentioning. Shared items are typically shared by both. However siding on the left building would be covered by the left side owner typically.