The Central Rental Market Machine chugged right along during this year's Third Quarter, posting some impressive numbers, particularly in Indianapolis.
Generally, prices are steady, number of rented homes are up and days on market are down.
All of which are good numbers for Landlords.
We’ve discussed Indianapolis evictions at length in past blogs.
There are evictions that benefit you as the Owner, and there are evictions that can benefit Tenants (Constructive Eviction).
There is, however, a third type of eviction.
This is the holy grail of evictions, if you will.
The eviction process that every Landlord dreams about.
The ever elusive, highly coveted….Emergency Eviction.
For those of you who have gone through the unfortunate circumstance of having to evict a Tenant, you know it can be a grind.
It’s not an instant solution.
In fact, it can take weeks, or even months, to go through a typical eviction court process.
In a perfect world, you could dispel lease violating Tenants within days, but unfortunately, that’s not our reality.
So, an Emergency Eviction is the closest we get; and even still, it has some major limitations.
This is a topic I’m shocked has taken us so long to blog about.
We’ve been attending the Marion County Sheriff Sale since 2005.
And - wow - do we have stories to tell.
Lot’s of them, which we may decide to do in future blogs.
But, to start, I thought I would use this blog to discuss the basics of the Marion County Sheriff Sale.
Sort of a “Marion County Sheriff Sale for Dummies” blog.
Note: I’m obviously not a lawyer, not an expert on foreclosures, so I’ll provide a VERY basic overview of the process.
I’m sure many of you can remember, or are at least aware of what the housing market was like around 2008.
Dismal to say the least.
The Case-Schiller home price index reported its largest price drop in history, foreclosures increased seven-fold, and there was a credit crisis that resulted from the bursting of the “housing bubble.”
The 2007-2009 recession was brutal, and it affected a lot of people.
If you were an investor or real estate professional during this time, you’re probably having some PTSD flashbacks.
Luckily, the housing market began to bounce back around 2012, and Warren Buffet was a major reason for that.
He was the spark that lit the fire for what is now single family home investing. He suggested investors should buy up homes while prices were low, and then reap the benefits when the market leveled out.
And that’s just what began to happen.
We can now see the results of that idea. It’s a MUCH different climate today.
In Indianapolis, there’s not even enough inventory to go around because so many people are investing here, and seeing major success.
Let’s go back to 2009 for a second, though.
Investing in your own backyard is an incredible strategy if you are able to find the deals that will help you achieve your investment goals.
If you happen to live in a market that doesn’t have the best returns, however, you need to look out of state. Managing long distance rentals effectively takes a bit of work, but many do it very successfully.
Here are their secrets.
If you are like most investors out there, my guess is you spend a lot of time reviewing MLS listings.
I’ll also guess that you’ve run across some language in an MLS description that includes a phrase, “Tenant’s rights prevail.”
Here’s an example of a description I found on our local MLS system…
"Investor alert! Check out this spacious and updated ranch on Indy’s west side. Home went through a complete remodel 6 months ago, including new roof, HVAC, kitchen and bathroom updates. Home is Tenant occupied. Tenant’s rights prevail.”
Now, as you know, or as you should know, Tenants do have certain rights when living in a property, including...
