All Forum Posts by: Jackie Liu

Hello BP member, I have a friend who currently owns several SFH rentals that is currently managed by a PM in Indiana, according to them the PM has been unresponsive for 3 months, all their attempts to reach the PM has been uneventful (phone, message, etc.). The PM has also not sent them the rent money from the past 3 months. They also are thinking of getting a different PM to manage it after they can gain back control but would like advice on doing so. If anyone who is knowledgeable, please chime in so I can relay such information to my friend so they can have proper step to follow. As far as their relation with the PM goes, the PM is the agent they used when buying the said rental, agent is local to Indianapolis, as for any form of PM agreement I do not know, it may be verbal, or they have a written agreement.

Thanks in advance.

 I do have the utilities clause on my lease: 

12. Utilities.Tenant agrees to pay for all utilities connected to the property such as sewer, cable, television, telephone, water, steam, gas, waste, trash, or electricity. Failure to transfer utilities will result in utilities disconnection by the Landlord within 2 days from the start of lease. Landlord shall be responsible for paying any Homeowners Association(HOA) dues and property taxes for the Property.

I was wondering if I should add a additional rent clause for the sewer just so I have my base covered in case tenant try to get "smart" with the lease.

Hello BP members, So I have a property in Camby, Indiana where sewer is managed by the Tri-County Conservancy District which is billed separately (flat $64 per month) and can't be transferred into the Tenant's. I was wondering if anyone here have a clause they use to bill the tenant the sewer utility as some form of additional rent.

Quote from @Nathan Gesner:

Quote from @Jackie Liu:

I think you're doing a great job! If they provide sketchy information, deny their application and move on. You've already gone above and beyond, but it seems you just dig up more problems.

When you run a credit/criminal background, the credit report should list the applicant's current and previous addresses. If he lived in the same place for four years, that should reflect on his credit score.

I think you've found enough red flags to justify denying them. If they disappear, it shows you were right. If they push back and insist it's a misunderstanding, give them a list of your problems and what they would have to do to prove the information is reliable, then give them one opportunity to apply with additional information. 

They probably won't bother.

 I'll likely go for the denying the prospect as even with the ledger (potentially fake), it doesn't match what's shown on the bank statement. On the ledger it indicates that the prospect paid the rent with a credit card but I'm not finding any credit card payments close to the monthly rent. The address reported in the transunion (I use Apartments.com) indicates they resided CT in 2017 and then the last reported current address was in NY in 2019.

The prospect also provided their Driver's ID but it shows another address near the south part of Indiana. It was issued in Oct of 2021.

Hello BP member, I'm currently doing my due diligence on a potential prospect, during my search of the prospect's current residence I'm finding some information that does not match what was on the application.

For starters, the prospect passes our 3.5x income requirement, has a 700+ credit score but a few things that I seem to have trouble with is the management company that was on the application, I wasn't able to find any viable information through regular web searches, but through the Business public record I found an LLC to this management company which I found was created 5 months ago. The property the prospect resides in was sold back in 2022 and based on the County record it shows it's currently owned by a Management company located in Florida (Don't know about regional office). Second, the prospect stated on the application they lived in the property for 4 year, but the tenant rent ledger that was provided stated a move-in date of last year 2023 of October and for some reason doesn't have the name of the management company, and the ledger looked like it was created using Microsoft Word. Lastly, while looking through the County Court Record I found a dismissed Eviction record filed this year Feb of 2024 on the prospect, the address listed on the record for the prospect (Defendant) is the current property they reside in but found another management company (RENU Property Management) as the plaintiff (this one was easier to look up as it operates nationally in several states).

I usually have no problem with this as prospects usually reside in a known management company serviced in the area (Most are the typical corporate rental companies like First Key and Progress Residential, and some with the more known local management companies.). So it's kinda a first for me to run into this problem, just want some advice on how I should proceed with this.

Quote from @Account Closed:

Quote from @Jackie Liu:

Hello BP members, I have a prospect who has applied for rent for one of my SFR rental but during my processing of the applicant. I found the new job the prospect was hired for (Provided me with a job letter stating the rate and date started as Sept 30) at the end of last month, shows that the LLC the prospect works for has been administratively dissolved a few months back. The prospect primary job is in apartment property management, but that job doesn't cover our 3.5x income requirement, the prospect has picked up 2 additional jobs that were really recent like this month and last month and one of them is the one I'm currently talking here about. It would bring her income just a bit over the 3.5x requirement but don't know if I should consider this prospect with those recent jobs.

"the LLC the prospect works for has been administratively dissolved"

Then how are they getting paid from this entity? Ask for a couple month's recent paystubs from this entity.

They just got the job last month (Sept 30) so don't think they will have any form of paystubs from the LLC, the only verifiable job would be the apartment property management job (which is below the 3.5x requirement)

Hello BP members, I have a prospect who has applied for rent for one of my SFR rental but during my processing of the applicant. I found the new job the prospect was hired for (Provided me with a job letter stating the rate and date started as Sept 30) at the end of last month, shows that the LLC the prospect works for has been administratively dissolved a few months back. The prospect primary job is in apartment property management, but that job doesn't cover our 3.5x income requirement, the prospect has picked up 2 additional jobs that were really recent like this month and last month and one of them is the one I'm currently talking here about. It would bring her income just a bit over the 3.5x requirement but don't know if I should consider this prospect with those recent jobs.

Hello BP members, I have a SFR rental location in Indianapolis in the Near Westside area. My tenant of 1 year just moved out recently (work transfer), but during the move-out inspection we found that one of the 10X10 bedroom has all four side of the wall covered in screw holes from the time they used it as a computer room (I believe the holes were from the sound deadening foam that they used to attach to the wall) So I was wondering what would seem to be a fairly reasonable cost to be deducted from their Security Deposit for the excessive holes and needing to repaint.