All Forum Posts by: Angela Smith

Uh oh.  We own one property in Indianapolis.  Do you the the process for registering?

Our tenant moved out this week so we are taking the opportunity to do some improvements while it's empty.

We listed it as available on Aug 1.  We have received 9 inquiries but only 2 showings are scheduled.  This is ok with me, but it got me wondering.  What is a typical ratio of showings to inquiries?

It was listed 2 days ago.

I recommend you have a serious discussion about her "dream".  The pursuit of this dream (at $300k of debt) may destroy your relationship.  Financial troubles are a major cause of divorce.  When the bills come due and you can't keep up with them, there will be bitterness.  Also, there's more ways to live out this dream.  Neither of you have high paying jobs that would keep you where you are.  Why not look at other schooling options that can be afforded.  I guarantee, the university is not so much interested in her success at they are in her tuition payments. 

$300,000 to be a naturopath?  That's crazy.  What kind of income will she generate?  Why not an MD?  She can practice traditional and non-traditional medicine. 

There are much less expensive ways to get a medical degree.  Plus, why would you get a loan for living expenses?  Work more, get a second job.  Whatever it takes to avoid more debt.

We have a new tenant, has not yet moved in but has paid his first month rent and security deposit.  He signed the lease yesterday. 

We do not allow pets.  This was clearly stated in the listing and in the lease.  It was discussed at lease signing.  He is aware of this policy.

Now, he sent a request to have his sister's dog, a lab.  I replied with, "We do not allow pets in this home. Your sister will need to make other arrangements for dog."

I'm concerned that this guy may jump ship before he moves in.  However, he signed the lease. 

Our lease states:

1. EARLY TERMINATION. Provided Resident has complied with all terms and conditions of this Lease Agreement, Resident may elect to terminate this Lease Agreement at any time during the term.In this event, Resident shall provide to the Owner an executed NOTICE OF INTENT TO VACATE (“Notice”).The Notice and all move-out procedures, including the return of any security deposit, shall conform to Policies.As compensation to Owner’s for Resident’s right to terminate this Lease Agreement, resident shall pay, on the day of move-out, to the Owner, an EARLY TERMINATION FEE, in an amount equal to THE GREATER OF a) two (2) months rent at the Monthly Rent stated in the Lease, OR b) two thirds of the remaining rent due on the balance of the Lease term or extension thereof (date of Notice to Vacate through the termination date of the Lease).

I really don't want to get off on the wrong foot with this guy.  but I'm not going to bend on the pet policy.

No offense taken.  I was concerned about the railroad tracks at first too.  But having spent some time there, the tracks serve as a boundary to the north and to the south.  It makes it feel like a little pocket community.  The sounds from the trains are not disruptive, at least where our property is located.  For us, the price was right, the blue collar demographic is what we were targeting, and I feel comfortable being out in the yard any time of day or night. 

Looks like you're not getting the property.  You didn't agree to the specifics of the sale.  The seller found another buyer.  The identity of the buyer is not the issue. 

6% fee is not unreasonable.  Many agents charge 7%

I have a 2:1 single family home in Christian Park that rented this week for $775.  Christian Park is quiet and safe and it is in the 46201 zip code.  C class.  Working class families.

I agree with previous comments about duplex in Indy.  They rent for less and they attract riff raff.

Good luck with your search.

Originally posted by @Carla Sutherland:

Hi Angela - did you get any feedback about Christian Park?  Love to hear if you invested there and what it's been like.  

In fact, my husband and I purchased a 2 bedroom SFH in Christian park. We spent about 5k scrubbing it up and now we have a leased signed for $775 a month. It's our first property. It's not a home run, but it's a solid base hit. Our tenant is moving in the first of March. It's a quiet neighborhood. There is an active neighborhood group. This neighborhood was chosen by the Mayors action committee for the Keep Indianapolis Beautiful campaign. There will be a few hundred people converge on the park and the neighborhood in April to clean it up. They are supposed to be painting a mural along the Pleasant Run Trail in this area too. Howe High School is a nearby magnet school, there is an elementary school there and the community association meets at the community center at the park. I am happy with this purchase.

Fountain square and Bates Hendricks are gentrifying, you can find homes that are 1910's to 1920's. 

Garfield Park is just South of those neighborhoods, homes are 1930's.

Going East Irvington is B-.  Christian Park is C with 1940's homes.

Then there are the townships:  Lawrence, Warren, Perry, and Wayne among others.  The Townships have more attraction for families looking for better school systems.  There are subdivisions as well as city block neighborhoods.  Homes from 1950's ish to brand new.  Township neighborhoods are highly variable.