All Forum Posts by: Dan Perrott

@Damir Kamber We currently offer a finder's incentive to our current tenants for a recommendation of a tenant that passes our rental criteria, successfully completes the application process AND rents (signs 1 year lease) from us.  The reward is given after the new tenant moves in and pays the second month's rent.  We have signed a few good tenants through this process.  We feel it is a small price to pay for good, solid tenants.  The incentive reward is 10% of a months rent.

Installing 600 sq ft of Trafficmaster allure tomorrow!

Welcome to BP!   You have found the place filled with a wealth of knowledge to view and a place to share you experiences with others. 

@Justin Owens MLS - 2 days on the market. Made an offer an hour after we looked at it. We have learned that you must act as soon as you see the deal. We did :)

@Kirk R. 

 - I think that running the water for a long time would have shown this issue but it did not come up until the tenants were in the property for a couple of weeks.  Seems that some water was getting through but at a very slow pace.  We do not want this to happen again so we are making sure that the sewer lines are clear.  Small price to pay to reduce our risk.

@Kirk R. 

 - I don't exactly know as of yet but I have been told it's couple of hundred at most.  Thanks to the BP community, I have been given multiple contacts to work with.  It is worth the savings and loss protection.  It will enable us to go back to the seller for further reduction negotiations - or we can walk.  We specifically put a clause into the contract based on the video sewer inspection.

@Kirk R. 

 - I purchased a 2-1 on a short sale that had sat for about a year.  In that time the roots had completely closed off the main sewer line (clay lines) to the street.  The roots had worked their way all the way to the underside of the toilet.  It was not discovered until after my first tenants were in and a flood occurred. 

That being said - the lines had to be taken out and replaced from the street to under the house (slab).  A $7000 lesson.  Fortunately I purchased the property so low that it is still a 2x producer even with the hard lesson.

Buying ourselves a retirement portfolio present for Christmas -

Just put a very clean SFH 3-1 under contract tonight for 42500 that needs paint, kitchen floor and kitchen countertop - very minor improvements. Out of state owner wanting out. Comps are around 50-55k and rents range from 700-850 in the area. Excited about the property since it will be a good cash flow property added to the portfolio.

Looking for a contractor that can perform a video inspection of the sewer from the house to the city hookup.  I have been burned with a bad sewer line in the past.  I have 15 days to get the inspection to make this deal close.  Contacts and recommendations appreciated...

Merry Christmas BP!

I have a SFH under contract as of this evening and I need to find a contractor that can do a sewer inspection for a reasonable price. I can call in any of the big plumbing companies but I wanted to find a local resource that serves the Lawrence area that can complete a video inspection of the sewer line from the house to the public sewer.

When I purchased a previous SFH in Lawrence, I did not have this done and it cost me to replace the entire sewer line from under the house to the street. I have learned from my mistake and I am making the investment up front in an inspection.

I have 15 days from today to complete the inspection.

Thanks Indianapolis BP resources for your help!

@Gabe G. 

http://permitsandcases.indy.gov/CitizenAccess/Default.aspx

I know that this address works.  I just tried it.

I agree with you that it does open up an area for other fees and code violations.  This is a wait and see.  But I do hope that it cleans up some of the slum-lord properties in the city.