All Forum Posts by: Adrien C.

I love the annual ritual of spring cleaning because it gives me an opportunity to take inventory of what I have and decide to keep it or toss it. (It also helps me toss the random junk my 4 kids have collected over the year LOL).

Have you ever taken inventory of your property management situation? Most investors I speak with don't think about it and just go with the flow. That's crazy because you're trusting someone to manage some of your largest assets and I've seen some bad managers in Northwest Indiana - heck, I fired 4 before I started my own company.

What should you be looking for in a property manager?

#1 Integrity- Whether you're out of state or local, you've entrusted your property and finances to someone else. This is a big deal. Is the person who manages your properties honest? Look at your monthly ledger. Do you have a pattern of repairs being done. Does it seem odd the turnkey property you purchased has work orders every month- sometimes the same stuff over and over again. Have you asked for receipts and pictures to prove it was completed? Are they charging you for new items but using recycled stuff they took out of another house? Seems crazy but I've seen this done often by certain managers.

#2 Customer Service- Let me correct myself from a previous statement I made earlier. Your property is not your largest asset. Your tenants are your largest asset. Without good tenants who pay on time and take care of your property, the property is a liability and money pit. Does your manager truly value your tenants and treat them respectfully? Or are they just a paycheck and annoyance when they call with an issue? Why does this matter? Well, tenants who feel respected and appreciated pay on time, take better care of the property, and stay longer.

#3 Growth- Is your manager helping you grow your portfolio or optimizing what you currently have? Is your manager involved in personal and professional development so they can be up to date with current state regulations and new technology? Managers that are growing and adapting their processes to the changing times are going to be more efficient as well as more knowledgable thus saving you money and reducing your liability.

#4 Proactive- Does your manager wait for stuff to happen or do they have processes to catch stuff before something small turns into something big? I had a property manager not step foot in my property for 3 years while the tenant was there. A dripping p-trap which is a $5 fix turned into a $5K bathroom gut. This could've been minimized if the manager did inspections and regularly communicated with the tenants. Is your manager working 30-60-90 days out so when a lease expires, they are ready to turn that unit quickly? Vacancy is the #1 expense in rental properties.

Share what you love about your current PM and maybe something they could do better.

Yeah- good luck.

@Tom Edwards who did you end up going with for property management? 

It's 2% plus voter approved crap they can add on top of that. Hammond had some stuff they've voted for the last 2 years to do improvements for the schools. I believe 1 falls off next year but don't quote me on it. Every town is doing it and it sucks. Happy to look into it privately if you want to connect. I buy about 35-40 houses a year in Hammond so know the area well. 

Hi @Bradley Payne welcome to BP. I'm in NWI and happy to help make a few connections.

We are a full service property management company serving Lake and Porter counties in NW Indiana. 

Why us? 

1- We are property investors with a large rental portfolio and think like you. 

2- I've fired 4 managers in the area because no one does it right.

3- We are proactive about protecting your asset. We do 1-2 physical inspections a year to catch small stuff before it gets big. Most companies in our area never go to your property once it's rented. 

4- We have access to off market properties as well as turnkey properties.

5- We have a strong tenant vetting process and low eviction rate. 

6- Most of our clientele are out of state investors and we understand their concerns. 

Catch us at 219-741-0366 or [email protected] for more info

Thanks for the tag. I can tell you our flips in Portage sell super fast just like the surrounding areas. The rentals that we manage fill up very fast and we haven't had issues with those tenants. I like a lot of parts in Portage. I can't think of any areas I don't really like which isn't the case in other cities. 

If you're house hacking, I would highly recommend you use a property manager. You don't want the tenants knocking on your door at 3am when they are locked out or something stupid. From my experience, when tenants know the owner lives next door, it's either an awesome experience or horrible- not much middle ground. 

@Brandon Sturgill Your view of Indiana is pretty limited to a one time event by someone no longer in office. It lasted like 30 days before the law was adjusted and that was multiple years ago. Your experience that the gas station wasn't accepting patrons from the LGBTQ community is a far example of the minority of the minority of our citizens. I bet I could find pockets in rural Ohio that act the same. In any state, as you move to the rural areas, you'll find more conservative views. 

Saying that, both states have plenty of good locations and markets in which you can invest. You need to look at what you enjoy. Do you want to be in a big city, close to the lake, in the hills, by a college town, etc. At the end of the day, it's about your enjoyment and you'll find a market with suitable investments. 

Hi @Jen Arnold - welcome to BP. I have a flipping company and brokerage (with property management) company in Lake co. Happy to help with your questions. Great place for flips although super hard to find now as well as rentals. 

Indiana has 2 sales a year (at least my county but pretty sure most counties are similar). In the fall is the regular sale. This is where properties start. The opening bid is the amount of taxes owed. To qualify, a property has to miss 3 payments to hit the sale. Depending on the timing, the property could be 4 payments behind first. Each missed payments has a massive delinquent penalty like 10% plus other fees like grass cuts, sewer, city board ups, etc can be certified and added to the taxes. So the amount of delinquent tax can balloon quickly. The spring sale known as the commissioners sale is what didn't sell in the fall. The opening bid is $500 (in my county). If the delinquent taxes are $16K but you win the lien for $2K, that's what you pay. On top of that, you're responsible for attorney fees and the current year taxes. You're not responsible for the difference at the time between your bid and the delinquent amount.