All Forum Posts by: Ben Chapman

Need advice! My property manager just had to evict my tenant. The tenant had paid an $1850 security deposit. The tenant failed to pay Oct and Nov rent. The case went to court and the judge ruled in my favor at the beginning of November. The tenant subsequently moved out and the property manager sent me the move out report for all of the things that needed to be fixed to get it rent ready. The work was roughly 4k. My property manager requires 1/2 of the money down to start the work to get the house rent ready. I asked if I could just apply the balance of the security deposit to cover the cost. Can someone give me some insight as to how the security deposit gets distributed? I was under the impression if they break their lease and cause any sort of damage, that the security deposit gets forfeited and gets paid to me. The remaining balance for any damage or past due rent gets billed to the tenant in some fashion, either through collections, wage garnishment or civil suit. Any and all information is appreciated.

Can anyone with rentals in Indy recommend a good property manager? I'm about to fire mine. I'm up to podcast #92 and I've picked up on staying on top of your property management. Thanks for any and all info.

I'm an OOS investor with a turnkey property in Indy. If @steve sun or @melissa maw have any questions about my experience just hit me up.

@James wise I don't think I should be entitled to anything for free. But they haven't done anything but send me a check, they weren't the ones that placed the tenant. That's why I'm on here asking for advice.

So I bought a turnkey sfh in Ohio. I closed on it at the beginning of June. Part of the turn key process was to have a tenant already in place (which there is) and a property manager (which there also is). My dilemma is that I have yet to sign any type of agreement or contract with the property manager outlining their fees and how I'll receive the rent. This was my 3rd turnkey  sfh purchase and previously those details were worked out just after closing. 

I contacted the property manager about this and their reason was that they were switching and upgrading their tenant owner websites and software. 

They sent me a check for my first months rent once the house was mine. They charged me 10% of the rent, but like I said, I've never signed any type of agreement with them. My other two property managers charge me 7% and 8%. 

All 3 of my sfhs are in different cities. 

Any advice on how to handle this situation? Should the property manager have sent me the full rent? Should I ask for the full amount until I sign an agreement?

Thanks in advance!

Thanks for the help everyone. I drove by the property today, it's a total dump. It has a lot of potential, in fact it looked like a crew was just about finished with a similar property across the street. There's no way I would ever pay close to asking (300k)

Alina 

Thanks for the help. The property currently has no tenants and needs to be renovated. I'm not sure when the last time there was a tenant.

I did a quick search on Craigslist to see what the rent in that area currently is.

I'm familiar with Erie, I lived there for about a year and a half. My wife is from there and her family still lives in Waterford. 

I currently own 3 sfr that are cash flow positive. I want to break into multi family apartment buildings. There is a 14 unit for sale in my area that is a complete rehab. It is currently unoccupied. The current rent in the area is $400 to $500. I'm trying to figure out if it's a good deal and worth doing. Is the cap rate individual to each property or the overall geographic area? The sales price is 300k. Any and all comments are appreciated. 

So I purchased a rental property from a wholesale company. The SFR is in Memphis TN. Part of the deal was that a tenant would be in place at closing. The asking price was 88,500. Long story short, the appraisal was for 85,000 so the seller agreed to sell for 85 with the contingency that the furnace / ac unit would be replaced once a tenant was moving in. The seller also agreed to pay me $900 a month rent until a tenant was found. Win / win for me......or so I thought. A tenant moved in midway through the month a paid pro-rated rent. The seller was supposed to pay the rest up to $900. Well now, almost 2 months after the fact, the seller has not paid their portion that they owe and I also found out today that they haven't replaced the furnace / ac unit that they were supposed to as part of the sales contract. Any advice is much appreciated!