All Forum Posts by: Will Spruill

No, I didn't want a completely passive investment. I do expect a return though and I do understand that the first year will be the toughest to get a good return with expenses. Three evictions and unit turns in less than a year is a bit much though.

I'm confident with my new property manager things will get better; they only can at this point.

The rents are $1300 for the ($70k) and $1400 for the ($72k). The higher purchase price was due to being a turn key package. Yes, SFH are a much better overall product. The Indy market is flooded with possibilities. SFH's can be bought from $35k on up.

I think its a lesson learned for sure. I like the idea of expanding my investment areas outside of expensive Seattle. AON has been great to deal with and is only sticking to their terms by not paying my claim due to the acceptance of a felon tenant. We'll see how the rest of the story unfolds.

I will continue to keep the AON rent protection policy, if they keep me. I can only imagine the premiums after this term expires. This is for my out of state rentals. I have a local rental that I manage and don't have much worries about getting rent, so no rent protection policy.

The main problem had, was initial screening of tenants and poor property management. I will say that the first property purchased is now producing rent, but still can’t dig me out from the no rent and unit turns that I’ll be facing with the other. The new property manager has done a much better process of screening tenants and collecting rent.

What I seen was a quick turn over of the unit and taking anyone with a pulse and down payment as a tenant. This was done in a hurry to get the unit sold. I’m confident it will get better but it’s going to be awhile before cash is flowing; still not the experience that was expected or advertised.

I bought the units thru Norada real estate for $70k and $72k. The rent charged is what was advertised on their site; the rent we're getting is much less. Norada paid for the rent protection policy. Our second purchase had horrible tenant screening and placed a felon in one which voided the rent protection policy. We're still dealing with this issue and don't have it resolved. The tenants that were placed stopped paying rent their first month (August) and second month (September) at the property. We don't even have a court date till the end of this month. I've had a negative cash flow with the properties from day one (May 2013) and will be facing two units turns in the next couple months.

I bought two turnkey rental duplex units in Indianapolis last year that came with a one year rent guarantee. The rent protection was thru AON and was paid for by the advertiser that markets turn key homes.

Out of the four units I own, I’ve had to use the rent protection policy on three of the units; yes 3 out of 4 in less than a year. Two of the claims were processed pretty smooth. The third claim was denied due to the turn key/sellers placing a tenant that was a felon. This voided the policy for that tenant and I’m out quite a large sum of money; no rent since August and court date is not till the end of this month.

The AON policy is great, just make sure your tenants meet all of the criteria. I’m pretty sure that AON will not insure me when the policy expires. I can thank the turn key seller/property managers for this.

I’d like some advice on my options as a property owner and a tenant who stopped paying rent, move out 5 months in to a 2 year lease, and caused $4500 in damages along with stealing all the appliances. I’m an out of state investor (live in Seattle and the property is in Indianapolis). I work with an Indianapolis property management company who has been no help.

Is it worth my time to recoup the lost rent and damages or do I have something to work with? Is it worth going after a dirtbag who has nothing to begin with?

Thanks, Will

Not here, I'm not a big fan of dragging names in the mud. Send me a message and we can chat.

We've bought two duplex units in Indy; less than one year ago. I can also tell you Indy has a ton of dilapidated vacant structures. I've never been to Detroit, but it could be worse. We've had trouble with keeping renters and having consistent rent.