When we say, “We are so much more than just a property management company”, we mean it.
While it’s important and we take it very seriously, we are not just here to collect rent.
We’re here to be your partner.
We’re here to educate and advise you.
Think of us as a real estate Swiss Army Knife that you carry around in your pocket. Ready to assist in any situation.
We can help you search for and purchase properties, facilitate any rehab or make-ready work that needs to be done, manage the property for you once the transaction closes, and finally, when the time comes, we can help you sell.
Gone are the days of having to find a separate vendor for every stage of the process.
To that end, I wanted to spend some time discussing a few of the elements included on this Swiss Army Knife that is T&H Realty Services.
Namely, our purchasing process and what you can expect when working with our team to buy and hold rental properties here in Indianapolis.
Starting the Search
We employ an in-house Agent whose sole role within our Company is to help current and potential clients expand (or reduce) their portfolios.
Because of this, you will have a focused, experienced Realtor dedicated to helping you find your next great deal.
To get started, we’ll typically ask you some questions to get a feel for what your goals are and make sure that we’re a good fit for each other.
Some of these preliminary questions include:
- What’s your purchase price range?
- Are you interested in any specific areas?
- What is more important: cash flow or appreciation?
- Cash buyer or financing needed?
Once we get this information, and determine that we’re a good fit, our Agent will set you up on an MLS search which will automatically send you potential properties that are on the market.
It’s important to note that we can only tailor MLS searches to a certain degree, and you will have to filter through some listings that don’t necessarily match exactly what you’re looking for.
Our Agent will also be scouring the MLS as well as other off-market channels to help find deals that may work for you and will send them to you as they come.
We understand that we’re not the best fit for everyone. If you feel that your interests would be better served elsewhere, we’re more than happy to give you a recommendation.
Our Property Management company only takes on single family homes and multi-family properties (up to 16 units) that can command around $1,000 in monthly rent. We do have some exceptions to this rule but it will depend on the location and the quality of the home. We like controlled growth so we’ve had to put rental limits on the homes we manage.
Keep in mind that if you have a multi-family property, we like for each unit to rent for at least $1,000 per month, but we will consider units that rent for at least $750/month and up.
This typically equates to purchase price ranges of around $80,000 and up for single family and $200,000 and up for multi-family.
While our Agent can help you purchase any property, if it doesn’t meet our criteria, we will not be able to manage it for you which kind of defeats the purpose of the one-stop-shop.
Purchasing a Property
When a property comes along that you decide to put an offer on, our Agent will draft up a Purchase Agreement for you.
We will then facilitate every aspect of the transaction thereafter and keep you updated throughout the entire process. From inspection negotiations to scheduling closings, you’ll have an expert on your side to ensure everything goes as smooth as possible.
Many investors that we work with are out of state, or even out of country, so we have developed streamlined communication processes to cater to those needs. We take our “boots on the ground” role very seriously and know that you rely heavily on us to help you make wise business decisions.
Transitioning to Property Management
As you can imagine, after having purchased a home through our Agent, the transition to Property Management is typically a pretty smooth one.
By this point, you will have been in contact with our Business Development Manager to discuss our services and fees.
Once we have a scheduled closing, we’ll typically send you the Property Management Agreement to sign. This gives you time to review it and have any last minute questions answered.
We’ll have all of your information in our system with notes provided by our Agent so that once the property officially closes, it’s on everyone’s radar and our management team is ready to move forward.
Your assigned Property Manager will visit the home right away to do their Onboarding Evaluation.
During this walk-through, the PM will make note of everything they think needs to be done to get the home in rent ready condition, create a report, and reach out to discuss it with you.
Make Ready Work vs. Inspection Repair Items
One very important thing we like to clarify with every incoming Client is the difference between make ready work, and inspection repair items. They are not one in the same and you will need to be fully prepared to deal with both.
More often than not, when you are going through the purchasing process, there will be things that come up on the inspection that you’ll want taken care of.
These are typically things such as HVAC issues, structural concerns, roof leaks, etc.
You may have the Sellers take care of these items before closing or agree on a price reduction to compensate for the repairs and do them yourself.
But either way, home inspectors will usually not include cosmetic needs in their reports. This means there will more than likely be additional costs on top of inspection repairs in order to get the home in rent-ready condition and on the market.
The property may need a paint job, new appliances, flooring, tub re-glazing, etc. in order to command the highest rent possible.
The Property Manager will provide recommendations and quotes for these items before starting any make ready work.
In conclusion, we hope this has given you some insight into what it’s like working with our team to purchase investment properties.
We strive to make the process as efficient and transparent as possible.
If you’re interested in speaking with our Agent about starting your Indianapolis investment property search, please click the button below!