All Forum Posts by: Sunitha Rao

@Darren Finney @Todd Burton @Josh C. @Nathan Gesner

Thanks for the insight, all!  Currently - on hold for a few days.  I sent out an email, requesting disbursement within a week, which I felt was reasonable, given the length of time that had already passed. Also referenced escalating the situation (MIBOR)  if I didn't receive confirmation.  I did get that confirmation with a few hours, so sitting tight until the disbursement is initiated.

Thanks so much for the assistance and reassurance - very much appreciated and will let you know how the situation evolves! :)

@Theresa Harris

Thanks for your input!  This tenant pays early and is generally a very good tenant so I can't recall and would prefer to take care of matters myself so as not to disturb her further. I haven't progressed to a registered letter, but will do so if I don't hear from him shortly.  Also - great idea regarding calling from a different phone - thanks so much!

Hey everyone,

Would love to get some insight/guidance regarding a current issue.

I chose to not renew a contract with one of my property managers and notified him in late March, with the contract effectively ending at the end of April. When speaking with him in April, he agreed to send over the security deposits and cash reserves he was holding, as well as the tenant leases and contact info. Our last conversation was close to a month ago, and I have yet to receive anything and he also has not been responsive, despite multiple emails and phone calls. On top of this - one of my tenants was out of town and without her contact information, my new property manager was unable to inform her that management of the property had transferred, so the tenant paid my old property manager for May. 

Trying to understand what my options are in order to collect - I know that I can file a complaint with the AG but I’m currently more focused on collecting what is owed to me, as it is to the tune of a few thousand.

If it matters (for small claims court, etc) - my property is in Noblesville, Indiana while the PM seems to be incorporated in Indianapolis.

Thanks everyone!

Hi Mikhail,

I run my numbers pretty conservatively but here are my thoughts:

- Vacancy: I like to reserve about one months worth of rent for vacancy, which would increase that numbers

- Repairs/Capex: I like to budget for 7-8% for each. Some may think that high, but I'd rather pass on properties that are borderline in order to find properties that will definitely make me money, even if costs are higher than anticipated. My investable capital is a limited resource, whereas investment properties (with enough time, researching, and patience) is less so.

- Management - Don't forget lease up/renewal fees...Lease ups can cost up to one months rent, with renewals being less costly.

- Insurance - this cost will depend on the property but likely that it will cost more than $20/month by at least 2x.

- Water/ Sewer - Should be able to charge back to tenants.

- Interest rate - Feds raised rates again, so might be tough to find a non owner occupied (assumed due to your location) conventional loan @ 5%.

- Confirm property taxes on the county website.

Feel free to PM me if you have questions.  Good luck!

Hi Alexander! Happy to share my contacts, especially since you're not far from my neck of the woods! :)  Feel free to shoot me a pm.

Hi @Lynne MacFarlane! 

Apologies for the delayed response - was actually in Indy over the weekend checking up on the two units in Noblesville and the quad I have under contract and have been playing catch up ever since. To answer your questions - For the two unit property, I am working with PGH Insurance. For the quad, I am working with @Jason Bott to have the property covered.

The reno was completed on both units and the units have been on market for about 3 weeks. Had a tenant move into the carriage house portion of the property within a week of the property being marketed but then he promptly moved out within a day, citing a litany of issues. None of these issues were actually taking place in the unit  as I personally checked it out during the course of me visit. Let that one go, as he likely have been a problem tenant anyway.  In all honesty - getting a little concerned about getting these units occupied as they are located in a nice area that's mostly owner occupied, the rents are below market for that area and thus should be easily rented. While I have plenty of cushion to cover a 3rd mortgage payment, doing so was certainly not in my financial projections. Also, I wanted to get the units rented in the summer months so that a premium can be charged for current and future leases. So - dealing with that, as well as some increased costs from the contractor perspective for the quad, which is making this a very busy time, haha.

Would love to hear more about your trip to Indy - perhaps we can continue this conversation offline?

-S

Hi Caleb,

To echo @Danny Garrett 's post - I work with the same group and they have been great. I would highly recommend.  Feel free to shoot me a PM if you'd like their contact info! 

Hi Lynne, 

Just sent you a PM - I was in a similar position and initially had a challenging time as well. Let me know if the message didn't go through - having some technical difficulties at my end, haha.

Jared,

Would it be possible to get photos or to schedule a showing?  My broker will be in the area in a few days. Feel free to PM me to discuss further.

Thanks!

Hi Akil!

Congratulations on breaking into the game! I'm on my first rental in Indy as well and can give you my PM's information.  I've been talking to her since the end of last year, before finally getting a property that was aligned with my interests and  goals. Along the way, she was very helpful in providing insight and guidance.  She's also very responsive - she tries to answer emails/calls within 24 hours and a text (which I only use if the situation is urgent) gets a response within a few hours. Shoot me a PM if you'd like her contact info. :)

-S