All Forum Posts by: Samantha Soto

Does anyone use biweekly rent payment schedule for tenants?  We are inheriting some tenants that have historically had some difficulty paying.  They have been long-term tenants, and the prior landlord was apparently chasing the rent quite a bit.  They are lower income, and likely have difficulty prioritizing rent.  We are hoping to change that, and come in and provide some structure.  On its face, bi-weekly sounds like a bad idea.  But I am wondering if anyone is doing it, why they are doing it, and how much success they have had with it.  Please chime in if you are currently doing this, or have tried it in the past.  

@Cedric Caagbay you and I have had this convo a few times.  I feel like @Mike D'Arrigo sums it up well in the above response.  Thought you might want to read it.  

I have bought 3 properties sight unseen. In all cases, I bought the properties off of the MLS. I had real estate agents I trusted, and I paid to get a property inspection from inspectors that I chose myself. I did extensive online research into the neighborhoods, reached out to property managers for opinions, and used google maps. Once I would get a property under contract I would have my agent take a video of the property. Of course, I could always back out under the inspection contingency if I didn't like what I saw in the video or the inspection went poorly. I found I could get better deals buying off of the MLS instead of working with turnkey companies. I personally prefer buying an owner occupant property off of the MLS rather than something that was previously used as a rental, as owners often take better care of their properties.

I'm also interested to learn more about this.  Thanks for your answer @Mike D'Arrigo.

I like this neighborhood for investing.  I would even probably live there if I had the money to buy a place right now.  It's close to So-Bro and Broad Ripple without the price of living in So Bro and Broad Ripple.  Also, I like Arsenal Park.  I've taken my daughter there to play.  Cute park.  Definitely not an A class neighborhood, but I think it show potential for growth in the next few years.  Let me know if you need any help with stuff out here.  I moved here from CA in August specifically to do real estate out here.  

If it's in the Haughville neighborhood I would pass.  Our company doesn't like to manage properties in that neighborhood since there are too many problems.  As a general rule of thumb, you want something that will rent for at least $700/month, as usually sub $700 rentals are more problematic.  Plus, you will have fewer profits overall.  I've also learned that a lot of companies that tout "turnkey" rentals are not actually providing a fully rehabbed property.  They may put some work into it, but they are likely not redoing the entire electrical, entire plumbing, new HVAC, new water heater, new roof, etc.  They will probably redo what needs to be done, but if the rest is functioning they will often leave it as is.  Just my 2 cents.  

Well kept property in Lawrence Township.  

The address is 3930 Alsace Pl, Indianapolis, IN 46226. It is a 4 bed/1 bath listed at $65,000 which has a rental history of $850/month. The water heater was installed in 2010, in 2015 a new roof was put on as well as new gutters, it also received a new HVAC in 2015, and in 2017 a new furnace was installed. It has been immaculately kept and will not need any work to be tenant ready.  

https://www.dropbox.com/sh/x3pdq7fx4bxnave/AACQmfERQwlOs7skAUT_ktEca?dl=0

This was under contract until earlier today, when the buyer got cold feet.  The inspection has already been completed and there were only a few things that came up in the inspection report, which seller has indicated she is willing to fix. ($300 of electrical work, $250 to bring the wall heater up to code).  

Let me know if you want to see the inspection.   This is a great property and would make an excellent rental.  It is in a neighborhood with other single family homes, and not near any of the apartment complexes in Lawrence that can be problematic.  

Property will be delivered vacant, so you can choose your own tenant and screen them for your satisfaction.  

Email me at [email protected] if you would like more information or are interested in making an offer.  

http://www.in.gov/dhs/files/Smoke_detector_statute...

Found this for any other people looking for the Indiana laws and requirements.  

Thanks everyone for your input.  Obviously, I care about the safety issue, or I would not be taking the time to post here and try to figure out the best solution.  I am a new landlord, and this tenant has been living on the premises for 9 years.  I am respectful of the fact that this guy considers this place home, and I do not want to boot him out just because he is a smoker.  Also, I am making the assumption that he tampered with the smoke detectors, but in reality, they could just be really old and not have had the batteries checked.  

I've decided my first thing to do will be to talk to the current landlord about this issue and see if he has had issues with this happening, or how he has addressed the indoor smoking, if at all.  Secondly, I will make sure new smoke detectors are installed in multiple areas of both units.  I believe both tenants are on month to month at this point, but I plan to have them resign leases.  At that point I will discuss the issues with both tenants and address the safety concerns and the expectation that smoke detectors be kept in working condition.  I will check on the detectors every so often.....how often do landlords normally do this?  

If it continues to be an ongoing issue with this tenant, then yes, an eviction would be appropriate and necessary.  I just don't think we are there yet.  

We have a duplex under contract right now that we recently had inspected.  Both sides of the duplex have long-term, paying tenants.  I'm not interested in finding new tenants if I don't have to since each unit is well-worn and will require some $ once a turn does happen.  

The tenant on the left side is a smoker (ashtray in each room type of smoker).  I noticed when we did the inspection yesterday that neither of the smoke detectors in his unit were functioning.  I imagine he disables them to avoid them constantly going off due to the smoking.  This is a safety concern for me, as well as a liability concern.  I intend to make sure that each unit has functioning smoke detectors before the sale closes.  However, I am curious how I can ensure that they remain functioning.  At the very least, how can I cover my *** and reduce my liability?    

Renting to a smoker is not my ideal situation.  But again, this guy has been living here for 9 years, has a stable job, and always pays on time.  I have no intent to get rid of him.  Just wondering how I can approach this issue as his new landlord.  

All thoughts and ideas appreciated, and would specifically like to hear from anyone who knows the laws about this as they pertain to Indiana.