All Forum Posts by: Account Closed

@Kat W.  You came to a great place to learn. Welcome from another Hoosier on the site! You will see the site offers a number of options on how to purchase homes. I would recommend studying and planning as a solid foundation. Develop a model to use in that phase and then go out looking. Start executing your model, avoid under planning and over analyzing. You will make mistakes....but they are usually manageable. REI can be fun and profitable....but it isn't necessarily easy. There is an enormous amount of knowlege to be gained right on this site. Good luck!

@Devarra P. I try to not lose a good tenant if at all possible.  See if there is a win/win somewhere in the mix.  Can you make improvements that benefit the property value as well as help the tenant?  Let them know if they stick with you, you are an involved property owner and will be doing proper maintenance.  They need to consider that other landlords that don't always do that,  so differentiate yourself on that basis.    I like putting in new windows, insulation, landscaping, ceiling fans etc.  Often these can be done for little outlay and help you both out.  I've found face to face are the best settings for the interaction to see personally their reaction.  Don't be surprised if they know good and well they have a good deal and just want to keep it that way.  Have your plan set in place for your bottom line negotiation and stick to it.  Play your hand with your best shot and see where the cards fall.  If you are being reasonable with your requests, they will likely stay.

I like @Rodney Wideman suggestion to increment the rent up over time.  See what their flexibility is to have your both come out in good shape.

@Jasmine C. Welcome to BP!  I'm freezing in Indianapolis and wish I was in Hawaii!  I'm looking to spend more time there someday....  What a wonderful place to live.

I've had only one there in that exact area, but have had a very good experience with that area personally.  It's one of my better performers with a great tenant and a great house. Four years of rent on time and no turnover makes me very happy!  Not one of my favorite areas but it's not bad at all.  One mile from a bad area does not mean much in Indianapolis as the transitions are much quicker than that.

I always try to wrap up the outdoor work as much as possible in the fall and start gearing to do indoor projects.  Your purchases in the late summer and fall should consider the weather particularly up north where you are located.  We are fighting some serious cold this year. Stay warm!

@Steve Perkins  Lawrence can be great or can be the ragged edge.  Very diverse range of quality in the area not unlike the whole city of Indianapolis.  Right by Fort Ben is a very nice area.  I can't say I'm an expert on the area but have done a few houses there.  Would need more to go on to know for sure.

Do it all the time!  It's a no brainer.  I try to pop in a bath as well.  Relaying out old homes is awesome!  Knock out walls and make great rooms.  Move kitchens into dining rooms! Give them a wet bar where you had an old over sized closet. People love it and it's fun!   So what if you increase your rent potential 20-25% and increase the house value several thousand.  Go for it and take cool pics/video for your website.

I like to take advantage of poor / outdated layouts in homes.  It's often quite easy to add a bedroom or bathroom or both.  Who uses dining rooms these days?  I like to blow out walls to make 'great rooms'.  I'm currently converting a 'utility room' into a full bath and moving the washer dryer to an enormous closet in the master bedroom upstairs.  The old kitchen was moved to the dining room and became a 3rd bedroom. A two bedroom one bath will be a three bedroom two bath in about a week!  While I'm at it, I'm putting in a 90% efficient furnace.  Total cost will be very low and resale and rent increses will be awesome!  Older houses are great candidates for these kind of changes.  I have four awesome projects doing this right now.

I agree with @Chris Volkers that improvements ease the pain of the rent increase.  I'm just working out a fairly hefty increase with a good tenant by putting in new windows and other significant improvements.  We had a good discussion and told him I don't want to lose a good tenant, but his rent was below market.  He knew it was the case as the other side of the duplex was just upgraded and rented $200 over his rent.  Shoot for a win/win.

Postlets is the way to go.  Simple quick and gets to other sites.  Craiglist is still used but not what it used to be.  Signs in the yard work but seems to get people that are marginal candidates more often than not.

The great surprise by going to postlets was I'm able to get showings scheduled online and spend less time on the phone.  It also is allowing us to migrate our office communication off the phone and to email....priceless!