All Forum Posts by: Katy Logue

Thank you, all. 

It was a property that was inhabited when these prospective tenants signed the lease agreement. The property just became officially vacated this week and move-in is set for Oct 15th. All my standard leases state security deposit due at time lease is signed and first month due before move in.  

I am hearing from everyone I should always collect SD and 1stMo up front. 

Regardless, I have an executed 12 month lease with the tenant(s). I have told them I will work in good faith to re-lease the property, when I have a tenant signed I will send them an intent to vacate / terminate lease early form. If I do not have a new tenant before Oct 15, rent is due and the security deposit could potentially go toward unpaid rents / fees. 

I have no doubt the property will rent ASAP so hopefully this is all moot. 

Have a B property in an A area, had 3 serious inquiries within days of listing. We ended up with the property under 12 month contract on the first showing. This was 6 weeks ago for a lease that starts a few weeks from now. Tenant now wants to annul the lease and get the security deposit back.  I want to work with this tenant to find a solution as this doesn't seem like a great situation. 

My plan is to remind the tenant we have a 12 month contract and I plan to proceed with the lease (ie no promises given). Then I will work in good faith to get the place re-leased ASAP. If the new lease does not begin before or on the same date as the prior date, I will prorate the initial security deposit on a daily basis until the place is leased. I doubt it goes more than a month, but if so then I will expect another month's rent.  As soon as the place has a new tenant sign, I will then work with the other tenant that wants out and addend their lease. 

Is there anything I am missing, doing wrong / illegal, tips? 

Are room renters, ie "lodgers" renting on a month-to-month basis held to the same eviction rules as a tenant renting an entire dwelling? I have someone that wants to rent a room month-to-month starting ASAP and am considering forcing them to sign through 12/31/20 to avoid any potential gaming of the CARES Act.

Thoughts?

Hi @Mitch Smith, thanks for your response. I did find an inspector, but feel free to share your contact, as I will be acquiring more properties in Indianapolis this year, and I would like to have another good inspector for future transactions. 
Thanks! 

Thank you all for your recommendations! 

Hello! 
I am currently looking for an Insurance Broker and I was given a referral for a "Personal Risk Manager". Any advise on what is better between a normal broker and a risk manager? What are you all using for your real estate business? 

Thanks! 
 

Thanks @Christy Brinkruff

Hello,

I'm looking for a home inspector serving the Indianapolis area. Any good recommendations? 

Thanks in advance!

@Phil DuChamp I am currently looking for a home inspector in Indianapolis and I was wondering if you are still using Wayne Grabman, who you recommended in this post a few years ago. If so, can you please PM his contact information? 

@Dave E.

You started with a good book “rich dad, poor dad” was my first intro to real estate and it honestly change my point of view about financial education. I highly recommended you to share that book with your wife too.

Additionally, I highly recommend you and your wife to read “The Book on Rental Property Investing” by Brandon Turner. It will give you both a great foundation about real estate. If your wife does not like to read, you can get the audiobook version on Amazon, I think the first three audiobooks are free.

Good luck!