All Forum Posts by: Mark Jones

@Larry Fried, you can get the appeal doc online. You'll submit it with your docs supporting your valuation. This could be either an appraisal or a closing doc. 

Once submitted, they'll call you about a year later and probably offer to settle over the phone if you waive your right to an official meeting. You'll then get a credit (or possibly a check) for the taxes back to when you first submitted. 

The length of the process is terrible but you'll get the result you want in the end. I appealed a property at the price of purchase and they didn't even question it or attempt say it should be higher. That was my experience at least. 

I also did this to my primary residence using an appraisal. Exact same outcome. 

@Account Closed

There's no reason you can't see it now and you should. Don't rely on the sellers to tell you what the current terms of the lease are. 

If the current tenants are MTM and you want to keep it that way then you really don't have to sign anything. Their MTM agreement would just keep rolling over. But signing a new one directly with you might not be a bad idea. 

If you want them to sign a lease, I'd do it as soon as you can after closing. The tenants may not be interested in signing a lease. I'd be prepared for that. 

@Dylan B. I have never tried to evict someone for an unauthorized pet but I'd have to believe it will be tough, especially if you have tenant friendly judges. All they'll need to claim is the pet doesn't live there any more and the judge could easily side with them. Then you've got tenants that have a chip on their shoulder. Which is why I recommend trying to work with them and maybe get a few extra bucks in your pocket. 

As for the seller, I agree it's a money grab. The seller can try to get any one to sign and agree to anything but that doesn't make it right. SD funds shouldn't be used until lease expiration. Most leases are written this way and will clearly state what the SD is to be used for. 

If the seller takes the SD, you're left with nothing for any damages left when the tenant moves out. Now you HAVE to take them to court unless you want to pay for their damages. 

SD transfers with the lease and ownership. Period. Unless you are getting one heck of a deal I wouldn't agree to anything less. 

@Dylan B.

I think you'll need to file eviction if that's the route you want to go. You'll still need to serve proper notice (perform or quit), and then prove they have broken the lease and continue to do so. 

I don't think an unapproved pet is grounds for keeping the SD unless there is a specific clause stating that. It IS grounds for a potential eviction. 

Why is the seller so concerned about the SD if it's transferring to you with the sale. It should be your problem/decision. 

If the tenant pays on time and they already have the pet, offer them a chance to keep the pet if they signup for your pet policy of X dollar non refundable pet fee and X amount of monthly pet rent. 

If they haven't been paying, get them out of there. 

@Keith Smith

I charge an early lease termination FEE of just under two months rent so it's not confused as rent. As some have alluded to, local and state laws may dictate what you can charge. 

Don't just charge the existing tenant rent until you have a new tenant. If you fill the unit a week after they leave, you've done a lot of unplanned work for no extra money. 

The first purpose of the fee is to motivate tenants to complete their lease term. The second purpose is to compensate you if they don't. 

@Orr Kichin

Are you positive it's a tank and not a cistern? You'll find cisterns on the property of some of the older homes. But 1959 may not fit that bill. 

@Account Closed

There are MANY sources out there for leases. The best thing to do is probably go see a local RE lawyer. But, I picked one up from NOLO. I'm pretty sure they have state specific leases. I've since made minor modifications to fit my situation. 

As far as a PM, if your place is a decent area of Indy, you can do just fine without one as long as you do your homework and read a book or two and are prepared to do background checks. 

Good luck!

Agree. Landlording was the first book I bought. Very thorough and still relevant today. 

welcome. Look into one of the local REIA groups.

@Rigoberto Orejel

Keep in mind that if there is a lease in place you have to follow it until it expires. Then you can do what you want. Most leases will state who is responsible for each utility.