All Forum Posts by: Rob Gribben

I would run the numbers, lots of variables.  How long to renovate (i.e. lost rent).  I have a house in the Canton area in Baltimore.  It rents for $1,500.  I could put another $15,000 into it and get maybe closer to $1,900, but to me, it rents at a good rate (it's already paid off) and it rents fast, so hard for me to justify putting $15k into it.  I think gradual upgrades (between tenants) is the way to go.  It limits downtime, and you increase rental rate and market value over time (sometimes slow and steady does win the race!!)

Yeah, the property tax that was advertised is only about $400/yr.  So for an investor you are saying it's 2% of sales price?  Thanks...

Hi Shawn,

It's for sale with PM in place, but I don't have their contact information yet.  I wanted to talk to them next week, that was on my list.  I did see the apts/townhomes you were talking about, they do look new, so hoping that's a plus.... 

Thanks for the helpful tips everyone.  What a great resource BP is.  The property I'm considering is near the intersection of E39th and Forest Manor Ave.  I've "driven" through the neighborhood on Googlemaps, and looks pretty decent as far as I can tell.  If you have any insight into that particular area, would be receptive to your feedback.  Thanks so much.

I am considering a property near E39th and Forest Manor Ave.  I don't live in Indy, and don't know the city.  If anyone could give me some advice on that area of the city, I would be grateful.  I ran the numbers, and they look very favorable, rent is about $950, and that's about the range I want to stay in.  I also try to avoid lower end rentals, anything at or below $700....

Yes, absolutely screen your tenants!!!  www.clearscreening.com.  It's a great service and eliminates you from having to pull credit reports. You setup your criteria for acceptance, and they run the credit and income checks, and give you a accept or reject recommendation, and you can choose to accept or reject the tenants based on the report.

Find a new realtor

I'm looking at investing in a property in Indianapolis.  I am near Baltimore, and don't know the city very well.  If you know Indy and would be willing to give me some feedback on the address/location I'm looking, would be very appreciative.  The numbers look very good, but not knowing the market, am hesitant...

I manage my own properties (I have 3), and have had pretty good luck. Best advice, take your time finding good tenants, i.e. screen out the bad ones. I think many new landlords get too anxious to find a tenant, and end up with bad ones. It takes me 2-3 months on average to find decent tenants. I use www.clearscreening.com to screen tenants, simple and reasonable, and they run the credit checks for you. You may consider checking out www.renterswarehouse.com. They provide management services, and pretty good rates, not sure where you are, but you can see if they serve your area.