All Forum Posts by: Dan Perrott

@Don Gouge

You are not necessarily responsible for appliances. I have a clause in my lease that the tenant is responsible for maintenance of the appliances and they must be returned at the end of the lease in working order less normal wear and tear. It works out well as I don't have to pay for service calls or repairs.

@Demetri Chase jr

Congrats on your first property! I would recommend that you start out by managing the property as you live in one side. You will gain experience that you can't get by reading books or talking to others. If it becomes too much, you can always get a property manager. There is nothing like hands on experience.

@Kristin Kerr

No repairs are allowed per the lease but I do have one exception. One of my renters is a professional tradesman and he is my extra handyman. He has done work on my personal and business properties. He has upgraded my property knowing that I own everything if he was to leave. He gets approval in advance. This gives me free upgrades including material and labor.

@Braden Anderson

House number. So far it has worked as I do have properties on the same street.

Can you please send me Grady's contact info?  I have a few projects that I could use a good contractor.  Thanks!

@Jordan Dekker - We own rentals that we self-manage.  We were in the rental game prior to trying airbnb.  Airbnb is profitable if you have the right location.   Location is everything with Airbnb to bring in the top dollar.

@Jason Tressler

I had a bnb in the broad ripple area (on kessler) and it brought in more than 3x rent could have. In my case it was economically good but you are correct that it is allot more work than a rental unit. We ended up selling the property for the equity to expand.

@Kyle Neff

When you write a check from an LLC, you are performing an equity withdraw. My account has me write "equity withdraw" in the memo line of the check for cross reference.

I am not giving legal or accounting advice but mentioning what our LLCs do

@Nerissa Marbury  - Suggestion for avoiding this situation in the future...  What I use is the following wording in my lease.  This has eliminated all issues that I have had on the appliances as they become completely responsible for the issues and maintenance.  This has held up in court in Marion county Indiana.

Appliances - The appliances have been supplied in complete working order. Appliances included are a refrigerator, electric stove, above stove microwave, garbage disposal and dish washer. The use of these appliances is not included in the rent. If Tenants wish to use these appliances, they agree to assume all responsibility for care and maintenance. Tenants agree to return the appliances in the condition supplied less any normal and reasonable use. If Tenants wish to use their own appliances, they may request that the owners’ appliance(s) be removed from the premises. Initials verify that the Tenants understand this paragraph.

I am not a lawyer nor am I giving legal advice by providing this information.  

We used Matthew Griffith from Griffith Law Group on Indy's west side to set up our real estate related LLCs.  He also assisted us with legally moving all of our properties into the LLCs as well as estate planning.  He is one of the founders of INREIA in the Indianapolis area.  PM me and I can send you his contact info.