All Forum Posts by: Brandon Wells

I have seen Judges, in Indiana, postpone evictions due to insufficient notice being given.  As a best practice I would recommend the following:

Your lease should state rent due date and be specific on if you allow a grace period.  For example, at my properties rent is due on the 1st but you have until the 5th to pay, you are late on the 6th.  

Then on that date your tenant is officially late (in my example, the 6th) you should send a late rent letter.  This is simple, just states that you are late and your balance owed is $$$ (I would include a late fee).  

If they still don't pay you need to send them a 3 day cure or quit letter (I can send an example of one if you like).  For example, I file for eviction on the 15th of every month, therefore if I haven't received rent by the 12th I send the 3 day letter.  This letter again would state their balance but also that they have 3 days to pay before formal proceedings are started.

This process shows the judge that you have made multiple attempts to collect payment and aren't being unreasonable.  Also, I would recommend teaming up with an eviction attorney.  My company used Landman and Beatty, who is local to Indy and probably handles 90% of evictions for all the large multifamily management companies.  There is a filing fee with the court and then they charge a nominal fee to process it (you can charge back to the resident), but in this case you don't have to go to court as the PM (unless it is contested), the attorney has already reviewed all the paperwork so you are more than ready to go in front of a judge for eviction.

Although Indiana is landlord friendly there has been a slow shift over the last 3 years in seeing more and more judges be more sympathetic with the tenants.  Just make sure you have all your bases covered. 

@Ryan Watson Was great meeting you.  Looking forward to you being at the Meetup in January.

@Graziano Casale are you investing in single family for Multifamily?

There has been a lot of request for meetups in and around Indianapolis.  Tonight I hosted my first meetup and wanted to take a second to thank those that attended and welcome people to reach out to get more details for the next one (January).  Shout out to Ryan, Bryan, Cameron, Jonathan and Joshua on attending the 1st of many meetups.  

I will be hosting another meetup in January.  The location will be downtown Indianapolis. I will be working on securing a location and make another post once I do.  

Would love for more single family focused people to attend.  My experience is brokering and operating multifamily properties (20-400 units).  Would love to get some diversified experience involved in the meetups.  

Please direct message me for more details

@Michael Ealy Love the thought process and it is a popular one.  Most, if not all, RE investors recommend this train of thought.

I always love to look at stuff from multiple angles and play devils advocate.  In doing so, I have a few questions.

1) Starting out with your "small deals" how much credit would you give to them in getting you to your current position?  If you didn't have the cash flow, depreciation benefits, appreciation on sale (potentially 1031 on sale) coming from those small deals, how much longer do you think it would of taken you to get to your current position?  

2) Would you of had the operational experience to manage your large deals, if you didn't start with learning the operational items on your small deals?

3) Do you think if you would of started "big" from the jump you would of been hindered by the mistakes costing more and having a bigger impact then those same mistakes did on the smaller deals you started out?

I think it goes without saying that the majority of people preaching this thought process, started with smaller deals and have been able to grow to their currently level of success/knowledge from them.  I hardly see anyone crediting what they learned from those small deals into being a major factor in their current success.

@Taylor L. A lot of hotel owners also hire 3rd party Management companies.

Reminder for the meetup tonight at Ale Emporium.  This will be a networking event where we will get to meet the people in our backyard and discuss a plan on moving forward with a monthly meetup and what that will look like.  I will be getting there a little early to grab some tables (don't have a head count so will play it by ear).  If you have any questions, please feel free to message me.

@Cameron O'Connor @Ryan Watson @Bryan Richardson @William Stephenson @Michael Svoboda and anyone else I missed.  Any chance I can get a head count on if you plan on coming Thursday?  Ale Emporium - Greenwood, Indiana - 5:30pm - until when everyone leaves.  First meeting more of a networking type event with plans to formalize a series of meetups and workshops moving forward.  Feel free to DM me with any questions.

@Greg Tomita send me a DM and I may be able to point you in the right direction on a lender, project manager and/or GC.

@Ryan Watson @William Stephenson @Zach Savage I have a meetup scheduled for the 12th at Ale Emporium in Greenwood.  If you want details, message me.