All Forum Posts by: Dan Perrott

I am currently updating my rental units to the manufactured floating wood floors and/or ceramic.  These floors outlast carpet, are easier to clean, and are cheaper (in the long term) than carpeting.

I do all of the installation myself so I do save additional $ in the long run.   For example, I am laying this weekend 600 sqft of manufactured wood flooring for about $900.  It will outlast carpeting and is cheaper to install.

On the age policy - I require that anyone living in the dwelling 18 years or older to be on the lease.  It allows a bigger pool of resources to be responsible in case of an eviction.  It has paid off for me when the parents were deadbeats and the son became responsible to pay the debt.  It made his parents feel guilty so they paid the outstanding rent so that their child did not have to. 

In Indiana, as long as they are 18 and listed on the lease, I am allowed to choose who to collect from.  I put the paperwork in on the son (21 years old) and the parents came to court and made arrangements to pay the debt.  It created leverage in may case.

Do not allow the person into the property and give them keys without getting the security deposit and first month's rent. 

A "Holding off the market" agreement is one way to go but I would only use it if no other qualified tenant is found.  The holding agreement usually is paid for with a non-refundable fee with the security deposit.  In either case, you would not make as much money as you would if had a qualified tenant for the same period.  Do not give out the keys until you have the first month's rent with security deposit.

I charge a non-refundable application fee in cash.  I process the background and credit checks myself using youcheckcredit.com.  I also process them in the order I receive them and refund the remaining applicants if a solid tenant found.  I also call the references and previous landlords to verify the information that they provided on the application. 

@Rodney Kuhl - I don't know much about flipping and I don't know what kind of purchase price.  I am confident in looking at properties for hold and keep but flips are a different focus.   I know that I would look for a 3 BR - 2+ BA.  I am looking for the right property that has room to make a profit. Do you have anything in the works that sounds interesting?  I am looking to see what a flip in indy looks like on paper and in person.  I have been looking in the broad ripple area lately.

Rodney - In Castleton and Lawrence are where my properties are.

Don't know exactly where we want to do a flip but I want to try to stay in the northeast part of Indy if possible.  I am open to anywhere in the greater Indy if the project is right and numbers are good.

Hello BiggerPockets community!  My name is Dan from Indianapolis, Indiana.  I have been investing in real estate with my wife Donna since 2007.  We currently have 3 properties (1 house and 2 duplexes) that we manage and lease in northeast Indianapolis.  With 2 of the properties, we have taken them from being boarded up in foreclosure/short sale and made them into solid positive cash flow machines.  We do almost all of the work ourselves except kick carpet and roofing.  We have extensive remodeling experience with dozens of kitchens and bathrooms under our belts.  We have learned allot of dos and don'ts along the way but are hoping to share our knowledge and glean from the knowledge of others.

BTW - we both work full time jobs in totally unrelated fields. REI is in our spare time and we enjoy the challenges as well as the financial benefits. The profits from REI has put 2 of our children through college with them starting their professional careers debt-free.

What we are looking to learn about and potentially do is flips.  Always looking to learn and get advice from someone that has been there.  Being mentored by someone in the area would be awesome.

I am just beginning to use this forum and I see there is a overwhelming wealth of information.  Thank you for allowing me to join and hopefully I can contribute more than I can take.  

I am having the same issue.  It wont allow me to upload a photo.  Any suggestions?  Can't upgrade to Chrome because of other issues.  Any help would be appreciated!