All Forum Posts by: Ciel Tierra

Thanks everyone,

I am trying to lower based on purchase price.  I paid 58K for one of the houses and its tax value is around 88K.  This is in Beech Grove.  I think I have a slam dunk but I wonder if any of you could share your own experiences, especially how long it actually took to go through.

I have submitted two property tax appeals for Indianapolis recently.  It was relatively painless and the paperwork was straight forward, however after speaking with someone at the Marion county property tax appeals office, I learned that my appeal may take two years!

I wonder if anyone has used a professional tax appeal service in the area and whether they may be able to expedite the process.  Also if you have done an appeal recently I wonder how long it took.

Thanks

Thanks guys

I really am looking for a legit solution that the IHA might not be happy with but wouldnt be able to say anything about.  I really don't want to do anything that would get me kicked out of the program, or worse have the tenant loose her voucher.  I think the resounding answer is that there is no way to do that.

@Brent Coombs -  I should have said "I would have to be a fool and a jerk"  She is a good tenant and a nice woman with three kids.  Asking her to leave is not an option.  The issue is that I bought a property that was falsely advertised and now I am watching my wonderful numbers slide into more dismal territory.  It is a business after all that we all run here.

@Ned Carey I like your perspective that good long term tenants bring in more money even if they pay less per month and next year I can request an increase.  Hopefully she will be there another ten years.  

Thanks guys

Thanks guys,

I think I am stuck with the amount, which is $85 under what the rent should be.  I could ask her to move out and find a new tenant, but after being there for 6 years, paying on time and not wrecking the place I think I would have to be a fool to do that.  I guess its just going to take a couple years to make my target rent, but man what a bummer!

If there is anyone out there with a secret (but legal) strategy please let me know.

I have a property in indianapolis that I bought from a wholsaler.  The property has been occupied for a number of years by the same good tenant.  The previous landlord/owner was doing a side deal to supplement the amount section 8 is willing to pay.  Come to find out this is not allowed and can be considered fraud.  When IHA gives you a number that is absolutely the maximum amount of rent you can charge.

I was wondering if anyone had any creative and very much legal ideas for bringing in more money from a section 8 tenant.  According to IHA you can not rent out an extra shed or anything that is "real property".  I was thinking maybe rent a lawn mower or the washer dryer?

I look forward to your good ideas, thanks.

Oddly this is what HUD at the federal level has to say, which openly contradicts the IHA:

The PHA determines a payment standard that is the amount generally needed to rent a moderately-priced dwelling unit in the local housing market and that is used to calculate the amount of housing assistance a family will receive. However the payment standard does not limit and does not affect the amount of rent a landlord may charge or the family may pay. A family which receives a housing voucher can select a unit with a rent that is below or above the payment standard. The housing voucher family must pay 30% of its monthly adjusted gross income for rent and utilities, and if the unit rent is greater than the payment standard the family is required to pay the additional amount. By law, whenever a family moves to a new unit where the rent exceeds the payment standard, the family may not pay more than 40 percent of its adjusted monthly income for rent.

Thank you both, I looked up Homestyle renovation mortgages through fannie mae and was amazed at the product.  It is of course exactly what I am looking for.  I have asked a few mortgage pros point blank if this exists and they had no idea it did, so thank you very much.  I will PM you both.  I wonder if lenders will approve this for major rehabs or if they will deem it un-mortgageable.

If anyone else has another way I would like to hear it as well, particularly if you know how to cash out refi and roll up the rehab costs with out seasoning it for six months.

Hello everyone,

I am relatively new to the forum, so I will introduce myself. My name Is Ciel Tierra and I am an out of state investor from Hawaii and have decided to buy realestate in Indy where I feel there is a sweet spot and also where I have some family. I am interested in buying REO or mortgage-able properties outside of the 465 loop that need minor rehabs such as paint and floor coverings, maybe new kitchen cabs.

My question is, is there a way to buy with a standard 80% LTV investment property loan that also rolls up the cost of minor repairs and rehabs. I am using a HELOC on my home in Hawaii to put up the down payment but would like to buy multiple properties and stretch the heloc as far as possible without using it for repairs if possible.

Further is there anyway around the cash-out refinance (for cash bought properties without seasoning) restriction to only borrowing the purchase price of the home and not the purchase price plus rehab.  

Thank you all for your input

Ciel

Hi everyone,

I am an out of state investor with family in the Indy area.  I have been looking into property management companies in the Indianapolis area and like the look of Red Door property management.  I have had several conversations with them and am considering using them. Has anyone had any experience with them?  I would love to hear your input.

Thanks

Hi everyone,

I am an out of state investor with family in the Indy area.  I have been looking into property management companies in the Indianapolis area and like the look of Red Door property management.  I have had several conversations with them and am considering using them. Has anyone had any experience with them?  I would love to hear your input.

Thanks