All Forum Posts by: Keagan Scott

Hi Ryan,

Welcome to the landlord journey! I'm a realtor and investor in Indianapolis and happy to share some insights tailored to your questions.

1. Registration Requirements

In Indianapolis, you’ll need to register your rental property with the Marion County Health Department. This is required for most landlords in the city, as part of the rental property registration program. There’s a small annual fee for registration, so make sure you stay on top of this to avoid penalties.

2. Legal Requirements

Indiana landlord-tenant laws are generally landlord-friendly but require you to be diligent. Key points include:

Security Deposits: In Indiana, there’s no legal cap on security deposits, but you must return the deposit (minus any valid deductions) within 45 days of the tenant vacating the property.

Evictions: Follow the formal process carefully. File an eviction with the court and provide the proper notices (e.g., 10-day notice to pay or vacate for nonpayment of rent). Avoid any self-help eviction tactics like changing locks.

Maintenance: As a landlord, you’re responsible for ensuring the property meets basic health and safety standards, including working plumbing, heating, and electrical systems.

Inspections: While there are no mandatory inspections required before renting, your property should comply with building codes. It's a good idea to schedule your own safety inspections, including checking for smoke detectors and carbon monoxide alarms.

3. Practical Tips for Managing Properties

Finding Good Tenants: Screen thoroughly. Check credit, income, and rental history. Verify employment and call previous landlords to avoid tenants with red flags.

Rent Setting: Research comparable rentals in your neighborhood to ensure your rent is competitive.

Use Technology: RentRedi is a great choice. Many landlords in Indianapolis use it for streamlined property management. Make use of its features like online rent collection, maintenance requests, and tenant screening.

Local Resources: Consider joining the Central Indiana Real Estate Investors Association (CIREIA). They offer networking opportunities, education, and local insights for landlords.

4. Challenges and Opportunities Unique to Indianapolis

Seasonality: Tenant interest tends to slow in winter, so try to avoid vacancies during those months.

Diverse Neighborhoods: Indianapolis has varied sub-markets. Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.

Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.

Additional Advice

Keep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.

Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.

Good luck with your property and future expansion! Feel free to reach out if you have more questions specific to Indy.

Best regards,

Keagan

Great question! I don't think cash flow is a myth, but it’s not as passive or easy as podcasts make it sound. A lot of investors find that expenses like repairs, vacancies, and capital improvements can eat into their margins, especially early on. That said, with smart budgeting and solid reserves, decent cash flow is absolutely achievable—it just takes time to build. Indianapolis (where I'm a realtor and work with all sorts of investors) is a great market to find that and get a mix of solid appreciation too if you know where to buy

Hey Taylor. Would love to connect. I'm a realtor here in Indianapolis and have a list of property management companies I can send your way

 Let's connect!

Hey Marc! I have a couple STR investors do this here in the winter months depending on the events coming to town

Hey Tyler. Congrats on the rental and your upcoming move! Both an LLC and umbrella policy have their perks—an LLC separates your personal assets, while an umbrella policy is simple and covers more scenarios. Many landlords use both for extra peace of mind. If you're leaning toward an LLC, I can recommend some local options to help set it up. Let me know if you want more info.

Hi Kris, welcome to the Indiana market 🎉

Your plan sounds very realistic, especially with the flexibility to pay cash. Indiana has several markets that can hit the 1% rule, particularly with duplexes and small multi-family properties. Indianapolis and surrounding areas often offer strong rental demand and reasonable property prices, so you’re definitely looking in the right place.

For neighborhoods in Indianapolis, I’d suggest checking out areas like Fountain Square, Bates-Hendricks, and Irvington. If you’re open to short term rentals, there are lots of places across the state that can really work.

I’m a local investor-friendly realtor and work with both long-term and short-term rental clients. I actually have a client who lives in Toronto as well! I’d be happy to chat and help you narrow down areas that align with your goals. I also know a few property managers I can recommend who are responsive and experienced with investors.

Let me know when you finalize your travel dates—I’d love to meet up while you’re in town and show you a few options!

Hi Thu, congrats on going into escrow—exciting times ahead! 🎉

I've helped clients transition into STR ownership before, and your situation brings up some great questions. Here's what I've seen work well:

1. Furniture Purchase:
   If the furniture fits the vibe you’re going for and is in good shape, buying it can definitely help you hit the ground running. I’d suggest negotiating the furniture into the sale and then slowly swapping pieces later as you personalize the space. This approach avoids downtime and lets you start earning right away.
2. Future Bookings:
   Taking over bookings can get tricky since Airbnb doesn’t allow direct transfers between accounts. Some hosts I’ve worked with have asked the seller to co-host temporarily while transitioning the listing to the new owner. Others have simply created a new listing and had the seller notify guests about the change. Either way, clear communication with the guests about who’s managing the property is key to keeping reviews and satisfaction high.
3. Permit Timing:
   The permit delay makes things tougher, but if you buy the furniture and keep future bookings, you might be able to use that time to update décor piece by piece without fully shutting down operations. Alternatively, you could pause bookings for a short period to complete any bigger changes without rushing.

It really comes down to whether you’re prioritizing immediate income or taking the time to make it 100% yours. Both approaches can work—you just have to decide what feels right based on your timeline and goals.

Good luck with the closing, and feel free to reach out if you are ever looking in Indiana! 

Hi Jackie,

That sounds like a frustrating situation for your friend—sorry to hear they’re dealing with that. The first step is to review any written property management agreement they have. If it’s verbal, they’ll need to document any prior communication or payment records to establish the relationship.

If the PM is completely unresponsive, they may want to send a formal written demand for communication and payments via certified mail. If there’s no response, consulting with a real estate attorney would be wise to determine how to terminate the agreement and recover unpaid rent.

Once they’re ready to switch PMs, I can recommend some reputable property managers here in Indianapolis who are responsive and trustworthy. Let me know if they need suggestions or further help!

Hi Serge, welcome to real estate investing and the Indianapolis market! I’m also based here and have experience with short-term rentals, property management, and work with investors like yourself. This is a great area with plenty of opportunities to grow as an investor.

Feel free to reach out if you ever want to chat about deals, strategies, or just connect with other local investors. Best of luck as you get started!