Those of you located in the Bay Area, specially the South Bay have undoubtedly seen or at least heard about the evacuations, building damages, freeway/road closures currently taking place with the nonstop storming over the past few weeks.

If their apartment is flooded, your insurance will pay to repair any structural damage to the building.

They don't go under the house, check for foundation issues, termite damage, etc.  

We would net between 250-300 a month on the property but fear that the house would be damaged. 

We would net between 250-300 a month on the property but fear that the house would be damaged.

I would say you need to plan for the following to happen to you during the next 15 years:- May need to drop rent by $200/month for a while due to market conditions- May have 2-3 months of lost rent due to vacancy and/or eviction- Broken garage door opener, hot water tank, furnace, or appliance requiring a repair man and possible replacement- Need to replace carpets or re-paint the entire unit and it's not covered completely by damage deposits.- HOA fees and taxes continue to go up every year but may not be possible to increase the rents due to market forces.If you have a good W2 job and you can hang on for 15 years and cover these situations I would actually say you should keep the place!    

Hey BP community - especially those who are investing in INDY:I'm an OOS investor closing on two Buy & Hold properties in INDY in the next month.I need a referral for a good Home Inspector or Contractor that can do a walk through on the properties and give me verification on property condition, mechanicals, damage, etc...ThanksRob

If they want their stuff before the 30 days is completed, I would return it to them and when they come to get it from me I would have them served with a small claims summons to collect the unpaid rent and damages.

Once rerented, you can assess the damages the lease breakers did, calculate the loss of rent which the lease breakers didn't pay and then apply the security deposit.

I'd add a clause that any assessments for damage mid-rental could be applied to money in the pre-paid rent account.