All Forum Posts by: Dan Perrott

Thanks everyone for the input.  It went well today.  Unknown to me, the tenant moved out yesterday.  He met me at the property today to hand over the keys and garage remote.

The property is dirty but in good shape. 

@John K.   The tenant was well screened and had over 5x rent.  He lost his job and was never able to catch up with the new job.  Sometimes the tenant falls on hard times.

@Andrea M. @Aly L    I agree that cutting off the tenant for non-payment sooner is better. It's not my role to save them.  I did find out that the tenant had the water turned off at the beginning of December.  It seems like it was worse financially than what I was seeing.  All in all it should be an easy turnover.

I am now taking the opportunity to complete flooring upgrades to be ready for January 1st.  I know that finding a renter in Indianapolis is a little more difficult in January but I wasn't getting paid anyways.

I went to court earlier this week and the judgment was made against my tenant for non-payment of rent.  I have a court order in hand that the tenant must vacate by 4pm tomorrow.  The tenant has  been served the same papers by the court. 

I have notified the tenant that I will be there at 4pm to change the locks.

What do I do if the tenant does not leave by 4pm? 

Agree - need an Android version. 

in the Indianapolis area, the utilities must be paid by whomever is on the utility bill with one exception.  The sewer bill which is part of the water bill must be paid by the property owner if it is past due.  I am sure the utilities vary by area.  Call the utility companies and ask for the department that deals with rentals.  They can answer your specific questions.

In our area, the back taxes are paid at the closing.  They are usually paid by the seller but it is a negotiable item - but they must be paid.

@Ryan Mullin 

 Nice story.  It is something that could be done in Indianapolis.  Thanks for sharing.

I have SFH 3bd/1b in a B neighborhood in Indianapolis. Comps in the area are renting for $1000-1150/mo. Location is great and I feel I could get the upper end of the rental range.

Needs about $5k in cosmetic repairs/flooring and appliance replacement.  The seller wants $105,000.   How would the real estate pros evaluate this deal?

Any input is appreciated.

@Jean Leite In the RE Rewind eBook from bigger pockets, Chapter 2 writers (Michael Sherwood and Charles Cromwell) mention that they use RenTechDirect.  It is free for landlords to use up to 25 doors. 

Has anyone had experience using this online product?  The video demos seem to look very interesting.

@Dion DePaoli 

Thanks for the information.  It makes sense.  I found out from talking to the agent that the court will make sure that the title is clean and clear as part of the deal.  I will be getting title insurance if I make the deal.  The deal does have some extra steps because of the bankruptcy and closing will take allot longer than normal  (but not as long as a short sale).  It's all a learning experience.  Thanks again.

I am reviewing a listing in the MLS and it contains this statement:

"Subject to bankruptcy court approval. Trustee's deed and sold as is where is."

What is a trustee's deed and what impact would it have on me purchasing the property?  From my prospective, will it cost me additional $ to get a clear title?   Any information on trustee deeds would be great.  I have searched the forums and have a little understanding of them.  Just want to be better educated before jumping into a deal like this. 

@Kyle H. 

Thanks for the response.  I have the tentants maintain the appliances, lawn care, cleanliness, etc.  I make it a point that the property is returned to us in the condition that we gave it to them less normal wear.  I am just wondering how you get them to maintain the entire property and what a lease looks like that they are responsible for it.