All Forum Posts by: Megan Ann Nagel

@Adam Sankowski that’s a great question. I’ve found that when the tenant doesn’t pay for it, they use more. Obviously separate meters is the way to go, but that’s not always possible. You should look into a utility management company. What you do is send them the bills and they utilize their algorithms to split the costs amongst the tenants using metrics like number of occupants and the square footage of their unit. They generally take their fee off of the amount they save you as a percentage (though it does vary sometimes). Some places have minimums, so it might depend on your property as a whole, but this can be very good even for just charging back water and sewer, a utility that’s very common for the landlord to pay in my area. I’ve used AUM (American Utility Management) before for large properties, but they have competitors. Might be good to look into to avoid the issue completely.

@Aaron Brown Indy is a great area and ripe for investing, but the advice here has been fantastic. Location is key even block by block in many areas. I’m an experienced property manager in the area and would be happy to help in anyway I can. Feel free to reach out to me if you have any questions.

@Erik Chapman I love Indy! I’ll be working on getting my first deal in the next 6 months, but there are tons of opportunities, especially for cash flow properties. I’m an experienced property manager in the downtown area, if you have any questions let me know. :)

@Jason Ma your numbers seem good to me. There are multiple views on CAPEX when you are already rehabbing it, so you might have some wiggle room there, but it comes down to knowing the property. Are there areas that you avoided in your rehab or did you truly do everything?

The other thing could be finding ways to increase your rent and ensure you are getting market and not what was just advertised in the listing. I’ve seen both the listing say an outrageous number for potential achieved rent, but I’ve also seem investors, especially out of state investors have rent below market. There are also additional ways to find additional cash flow, implement monthly pet fees (things like that). Even more options in multi family (depending on the property) for garage spaces, storage spaces, etc.

However, I do agree above that you might have too much information. There is no perfect formula, only decisions you can back with research. Sounds like you have that. The biggest key is to surround yourself with a great team that is local.

I hope this helped a little.

@Damel WIlson I agree with everyone here. You are better off finding a multi family community with your situation and funds. You’ll have a ton of cost savings by doing this and your cash flow goals will still be achievable. It might be harder to find the perfect deal, but we’ll worth the extra time searching.

@Michael Hahn welcome! I’m also in Indy! I have years of property management experience, so if you have any questions, let me know. I’m always happy to help!

@Tristan Colborg, great question and topic. I’ve enjoyed looking at the comments. There is a lot of good advice. One thing I’d mention, based on you doing out of state properties, if you know you are looking into an area, take the time to ru find a property manager or project manager in the area. Contractors and bidding is made much easier by the relationships you have. A PM would have those for you and help you get great deals and save you time, money, energy, and trips back and forth. Just a thought.

I’m in the Indianapolis area, if you ever have questions there. I’m also a experienced in residential, so if you do rent and have a couple questions, don’t hesitate to reach out. We all grow fastest together.

I do LOVE your organization though. It may have been too much for this guy (and maybe the situation) but just know it’s a great skill and will come in handy elsewhere.

@Remington Lyman I agree, Indy is very strong right now. I might be biased because I love Indianapolis, but that’s where I plan to start my investing journey.

@Jeremy Rotert

Great to know someone else is loving INDY! I’m an experienced Property Manager in the area and a newbie investor. I’m commenting here, because I’d love to know what people say. Sorry that I can’t help in this way, but if you have any questions about property management or need contacts locally or would just like to connect, don’t hesitate to reach out!

Congrats!!!!!!! I'm actually a Property Manager (and beginner investor) who is local in Indy. If you ever have any questions, I'd be happy to help!