All Forum Posts by: Jeremiah Ashe

Hello,

I was wondering if anyone had a good resource for finding the forms needed to complete a subject to deal in Indiana?  I know that it is important to have an attorney review them, but I wanted to have something that I could use to take to the attorney in case they are not familiar with that type of transaction.  Or, if someone knows a good attorney in Indiana that would be able to assist me with this, that would also be awesome!  Thank you everyone for your time and assistance!

@J. Pablo Fernández I believe that you can just pay off the lein over time using the rental income like you planned. If they do not take a payment plan, just save the money until it can be paid in full. Be sure to check if there are going to be added fees for paying it off slowly however.

One option that has worked for me in the past is to have them prepay a certain number of months.  After that, they can switch to a month to month agreement.  This allows for you to guarantee a number of months being paid, followed by the ability to quickly have them leave if they stop paying.  Depending on what state you invest in, it might be fine to give them a year lease in the normal fashion (as long as they won’t take 6 months to evict if they stop paying).

Unfortunately, these are activities of daily living.  I agree with most others that it needs to be explained to the upstairs resident that these are normal activities and you really have no authority to tell the downstairs resident that they can not walk around and open/close doors in their apartment.  You can also suggest the possibility of using some type of noise machine to drown out any noises that would wake the upstairs resident.  White noise works by increasing the baseline level of noise so that when things such as doors closing, cars driving by, and/or downstairs residents using their ipad occur, the increase in volume is minimal compared to silence.  Because of this, the upstairs resident would be less likely to wake up from noises coming from downstairs.

@Mark Frattini Unless they are brand new hardwood floors, I typically accept pets. I do not charge a pet deposit, but I do charge a pet rent. There are a few things to consider when accepting pets. Pros: 1. Pet rent is more income 2. You can still charge for damages using the normal security deposit. 3. You can let the tenant know that you will perform walk throughs more often to check for damages and charge accordingly. 4. Tenants with pets seem to stay longer, likely because other landlords will not accept them. 5. Your pool of potential tenants is significantly higher. Cons: 1. Damages can be extensive if you do not check on the property often enough to catch issues. 2. In multifamily units, other tenants might complain of noises/smells. 3. Risk of being sued if dog bites someone. Ultimately, you need to decide what is best for you. There are always many pluses and minuses to consider.

I have recently received my first judgement from an eviction.  What am I able to do with this?  I am pretty sure I will never be able to find the evicted tenant or any new job they get in the future.  Can I use this to offset taxes somehow?  Or is it just something I chalk up as a uncollected debt/learning experience?  Thank you!

@Jaron Smith Wow, I was not ready for how bad that looks! Haha. I’m just here for the comments! Seems like a cool project!

@Nicole Obregon I have never had more headaches then when I have rented to someone with a history of eviction (even when they have said it wasn’t their fault). I would just wait until you find a better applicant or even decrease the rent a small amount and get more applicants. $25/month less is completely worth not having to deal with the constant babysitting of someone who is behind on rent.

Thank you.  My friend is becoming a hard money lender for this transaction, so he is new to this as well.  Thank you all for the responses!  They have helped a ton!

Thank you for the fast responses.  Who do I record the mortgage with?  The title company?  I have only ever bought with conventional loans and my own cash, so this is new to me.  Thank you again!