All Forum Posts by: Account Closed

I’m an investor in Indianapolis and have been attracted to the very low price point in Anderson, IN (45 minutes NE of Indy). Just curious if anyone invests there because I know the economy is not as good as Indy. I’m sure that there are longer vacancies and maybe not as much of a tenant base. But the houses sure are cheaper there. Just curious as to who’s in the area? Thank you!

I don’t think it’s a good idea... I’m sure he worked hard for that money and I’m sure he’s proud of it. As we all know, real estate is quite the risk at times and if you were to loose his savings that would be devastating for him. Not everyone has the investor mindset and if he’s the conservative type I’m sure he has his reasons and i would respect that if I were you.

Hi everyone sorry I haven't responded! After asking for a partial refund, the very next day the manager went out to the property and got everything straightened out (they were mailing to the wrong address). I have since received both month's rent and everything is OK for now. Once I get back to Indiana in two months then we will be canceling the agreement but for now it's working. I have learned so much from your responses, I really had no idea about how bad this really was. Thank you all for your help!

Thanks for all of the responses everyone! I sent him an email asking for half of the money back so I will see what happens. If not I will reach out to his broker and go from there. I am learning quite a bit from everyone and I appreciate it!

Thanks for the quick replies everyone! Here is the email I received from him today: 

This is my formal request to be released from our contract for the management of ***********(property address) *******. This has become more of a hassle than it is worth, and I am ending my career in real estate. 

I was thinking of using this response: To release you from our contract, I would need a 50% refund of the $595 set up fee due to your lack of performance with the terms of the contract. Upon receiving the refund of $297.50 you will be released from the contract.

I am not the best at wording this, so if you guys could critique my response I would really appreciate it!

Here's the thing - it was going to be under his broker and at the last minute he said that his boss said to just do it on his own. I know these are all red flags and I should have done my homework but honestly I just needed a temporary manager until I return to the area. I was upfront with him about this also.

It says "This agreement may be terminated by mutual agreement of the parties at any time"

Hey guys, I need some advice. I have a rental property in Indianapolis with some bad inherited tenants, and a very irresponsible property manager. I am out of state for the next few months. When I purchased the property in August I paid the real estate agent $595 set up fee to be my property manager (he offered and I accepted). On sepetember 1st he was supposed to have the new month to month lease signed and rent paid. I texted him on the 5th and he hadnt done anything! So I had to actually call the tenant and finally by Sept 12th they paid rent and signed the contract. Oct comes and no rent paid. We both try to call tenant and phone disconnected. So I wait and see what the manager will do. Absolutely nothing, I don't even know if the house is vacant or not? So today I get an email from him almost a month later saying that he wants to be released from our 6 month management agreement because he said that it has been more of a hassle then its worth and he is done with real estate. I feel like I am entitled to half of the set up fee in return, since he has done nothing as far as management goes other then drive to the house one time to get the contract signed, (I made up the rental contract so can't even say he did that). I just feel like $595 is a lot of money for a simple task. What do you guys think is fair? Thank you!

Could I also get the link to the bonus? The book is amazing by the way, I am almost done with it! Thank you!

@Erin Fuhrmann is it hard to find tenants? Is there a lot of interest in the property when putting it up for rent? Not to hijack the thread but I am very curious about this same exact question as the OP.