All Forum Posts by: Jake Knight

I'm not familiar with the laws in Cali but they would need to be in violation of the lease for you to evict them.  You may also wait until the lease expires and just give them notice.  I assume that's law in every state.  Good luck!

Also, if you have a way to advertise the rent as coming soon in the meantime, you can get the word out early.  Our tools enable a waitlist option to see the property once it becomes available.  Also, we don't do this but you could arrange showings that last month they're in there if it's in their lease.  Good luck!

I have quite a few that I'll list below however it will depend on what you mean by relatively low acquistion cost.

For short term, you'll want to be in trendy areas like Broadripple, Holy Cross, Fountain Square, Bates Hendricks, Old Southside, Garfield Park. All of these neighborhoods are also good for LTR as well.  Our city is really inconsistent so appreciation values tend to be more street to street.  Obviously, the burbs out past 465 can be good appreciation markets. Let me know if you have any questions about specific areas or neighborhoods.

 Forgot to mention that we do lose renters sometimes due to this.  We're comfortable with that though as we want assurances that their financials are healthy.

It may depend on your market. Ideally, you don't want it to be too financially difficult to find a renter. That said, we require 1-2 months of rent in our market (Indy) and it's based on their qualifications.

Credit scores are just one metric to consider. We've had great tenants with lower credit scores. Fair credit rating starts at 580 not 680 and these are renters not buyers. I guess if demand is relatively high in your area, you can elevate your requirements as high as you want.  We would typically average all credit scores together to come up with a final number.  Have you checked their rental history?  Credit scores are tricky because there could be items like medical debt or student loan debt that weighs the score down.  Just something to consider.

 Thanks Matthew!  Trisha, I look forward to speaking with you very soon!

Lease agreement should be in accordance with state laws.  Given our location (Indy), we can certainly charge a lease break fee equalivalent to a couple/few months of rent.  That's the important distinction though.  They are not pay three month's of rent but the equivalent to as a penalty.  Just make sure the language of the lease is right so as to not suggest you can double charge rent.  

Also forgot to mention that it also allows you to address an issue before it gets out of hand and gives you a perspective on your renewal prospects for that tenant.

I like everything Andrew posted but generally speaking your ensuring the tenant/resident is residing in the property in a way that is in accordance with the lease agreement they signed.  It all starts with the lease, that's what start the expectations.  Usually, you can get a good sense by simply walking through the home to see how they are living in it.  It should be obvious if there are unreported issues.  However, these walk throughs are fool-proof, it's just a measure to check in on the property.