5 min read

How Much Will it Cost to Get My Indianapolis Rental Property Move-In Ready?

By Devon L. Hicks on Jan 20, 2020 11:00:00 AM

We get a lot of questions when it comes to investing in Indianapolis.

One of those questions: “How much will it cost to get my property move-in ready?” is one we receive on a daily basis.

And we get it.

Whether an investor is considering a new purchase that needs work, or whether the investor is faced with turnover costs between Tenants, money -- and how much of it --  is always an important consideration. 

We understand that maintenance costs are some of the most frequent and largest expenses you’ll face as a property owner, and turnover and make-ready are large subsets of that. 

As an Indianapolis Property Management company that handles all of our Clients’ turnovers and make-ready work, you can imagine how many times we get asked about these costs.

In an effort to stick to our core value of “Always Educating and Advising”, we have decided to put together a guide for Investors outlining average costs for some of the most common make-ready expenses that you will encounter.

Note: This list is by no means comprehensive or definitive. There are other costs that may occur and a multitude of factors that can impact the final costs of these items. 

Our goal is to give you a general idea of what you can expect to pay in the Indianapolis market.  

These estimates come from contractors we trust,work with frequently, and have long standing relationships with.

Topics: Maintenance and renovations
8 min read

What Maintenance Am I Legally Responsible for as an Indianapolis Landlord?

By Devon L. Hicks on Aug 26, 2018 10:00:00 AM

Recently, we’ve picked up a lot of properties from other Property Management companies in Indianapolis.

And when I say a lot, I mean a LOT.

This has given us the opportunity to see a wide range of Lease Agreements.

Some are pretty standard and some...well, some have been a little questionable in the legal department.

When we take over management of an occupied property, we must honor the Lease that is currently in place until the end of the term. We’ve been surprised at some of the provisions in these agreements, especially in regards to maintenance.

Some of the provisions explicitly outline that the Tenant is responsible for all maintenance in the rental home. 

Yes, all maintenance.

But, in the state of Indiana, this is neither legal nor ethical from a Property Management standpoint.

It’s also just downright lazy.

One of the main reasons property owners hire a PM is to handle maintenance issues. It’s a big part of what we do.

And one of the main reasons people decide to rent, is because they’re not ready to take on the commitment of home-ownership... i.e. maintenance.

So, forcing all of the maintenance onto your Renter is basically just a recipe for disaster.

Topics: Maintenance and renovations
11 min read

An Indianapolis Property Manager's Review of SimpliSafe

By Jeremy Tallman on Jul 1, 2018 10:00:00 AM

*This review is not paid for or solicited by SimpliSafe or any of its affiliates.*

Break-ins are a real and unfortunate reality of owning rental properties.

They rank right up there with some of the more difficult parts of being a Landlord.

Several years ago, when break-ins occurred in a rental property, options were limited in terms of security systems.

No matter which provider you went with, a long-term contract was almost always a part of the deal and an invasive installation was always required.

So, if the property was vacant, a Landlord had a decision to make… either wait until a new Tenant took possession (and chance another break-in) or bite the bullet and sign-up for a multi-year contract.

Neither option was a good one.

Topics: Leases and Legal New Landlord Maintenance and renovations
7 min read

3 Major Reasons the Condition of Your Indianapolis Rental Property is Important

By Jeremy Tallman on Jun 24, 2018 10:00:00 AM

Is condition really important?

If you are an experienced Investor - someone who has rented several homes or a home several times - you already know the answer, right?

Of course condition matters.

And while the answer seems simple, we occasionally have to remind some of our Clients that condition does indeed matter.

It matters, most importantly, to your bottom line.

Gone are the days when Landlords could simply offer a house that didn’t leak, provided heat and, attracted a good Tenant.

Today’s Tenant is demanding and, if you don’t react accordingly, you’ll find yourself with a worn out property.

A worn out EMPTY property.  

Topics: New Landlord Maintenance and renovations
7 min read

How Good Maintenance Processes Help Retain Tenants

By Devon L. Hicks on Mar 18, 2018 10:00:00 AM

We’ve said it before and we’ll say it again: When you buy rental real estate, you’re entering into a small business.

As with all businesses, large or small, customer service should always be a major priority. After all, it’s easier and cheaper to retain customers than it is to find new ones.

As a Landlord, this holds true for you, too.

Maybe even more so than many other industries.

Effective Property Management is a critical component of any successful buy and hold strategy. If your Tenants renew, you save a TON of time, energy and money.

To maximize your investment, you should strive to retain good Tenants and avoid vacancy, which, as we’ve noted before, is a cash flow killer.

Arguably, one of the best ways to keep your Tenants happy is to practice good maintenance processes.

Topics: Maintenance and renovations
7 min read

13 Tips for Properly Maintaining My Indianapolis Rental Home

By Devon L. Hicks on Jan 14, 2018 10:00:00 AM

More often than not, maintenance has a negative connotation in the rental property world.

The goal of all Landlords is to minimize it.

The goal of all Tenants is to ensure it’s done and done right now.

For Landlords, maintenance usually means something is broken, or there’s some other issue that’s going to cost them money.

But that isn’t, and shouldn’t always, be the case.

Most maintenance should be viewed as asset preservation as opposed to fixing and replacing.

Most experienced and successful Landlords understand that the better a property is maintained, the lower the long-term expenses should be, and the higher chances for Tenant satisfaction and longevity.

Topics: Maintenance and renovations