Average tenant stay and turnover cost in Indianapolis

[Ciprian L.]

Are the majority of tenants from Indy staying in a property for 12 to 18 months, destroying the property and then moving to the next remodeled property? Or is it just my luck?

One of my tenants left on December 31, after being in a property for a year, and I received a quote of $8,400 to make it rent ready again. My average turnover seams to cost around 5-6k. I have to replace the carpet almost every time when a tenant leaves, how can they destroy it that much in 1 year?

How can you make money when your cash flow is a few hundred a month?

[Bettina F.]

Your turn over costs are very high.  From what I read on this board, OOS turn key investors are getting hosed. Caveat Emptor.

Your PM is charging a premium over and above what the painters and flooring contractors are charging.  Also, with OOS properties managed by a PM, there is no incentive to economize.  For example, there is no incentive to do a fast and quick touch up paint over charging for repainting an entire room -- in fact this may not even be possible if no one kept records of the brand/color and finish of the original paint.    There is no incentive for the PM to inspect the properties (and charge tenants for damage ) mid tenancy.   There is no incentive for the PM to walk through with a can of spackle and do the "minor drywall repair" themselves.

My husband and I self manage class B apartments.  We do our own painting, fix drywall holes ourselves, repair our own closet doors, and replace kicked in door jambs.  None of this is rocket science  -- it is a fairly limited skill set, with a fast learning curve.    We can turnover an apartment quickly and cheaply.  We solved the trash out problem by presenting a written list to tenants at move in what we charge for dump runs, cleaning refrigerators and oven, etc.  Does your PM do this?  

Are you having your PM send you a video inspection every 6 months? 

For $8400, I would fly out there with a sleeping bag and my Home Depot card, rent a pick up and get to work.