All Forum Posts by: Dan Perrott

@Lumi Ispas 

We don't have an issue with renting to section 8 tenants as long as they meet our standard requirements (3x rent, 600 credit score, security deposit, etc.)

I state again

I created this post because I feel that our rights of being a landlord are being stepped on.  It should be a choice of who we rent to (not in violation of rights).  Income source is not a right.  I understand that my use of consistent rental criteria will eliminate most section 8.  That is not the point of my concern, it is the stepping on my right as a landlord.

@Kyle H. 

Can you share what the statement looks like in the lease?  I have my tenants take care of many of the normal maintenance issues but I am curious what your uncle's statement looks like. 

@Sean T. - The city has not figured how the registration is going to work as of yet.  We as landlords have not heard how this was going to be implemented.  I am sure this will become a discussion on BP in January.  In the December INREIA meeting in Indianapolis the registration process (what is known about it) is on the agenda.

This property registration is supposed to name a specific person to be held responsible that they can call when an issue with a property arises.  I call it the single throat to choke.

Knowledge and the community of people willing to share.

I learn something every day.

Thanks again for the many responses.

I created this post because I feel that our rights of being a landlord are being stepped on.  It should be a choice of who we rent to (not in violation of rights).  Income source is not a right.  I understand that my use of consistent rental criteria will eliminate most section 8.  That is not the point of my concern, it is the stepping on my right as a landlord.

Also - In Indianapolis as of January 1st we are required (by actual name/contact phone number - not company name, not trust name, not LLC name) to register each rental property with the city. I do not have a problem with this because it will allow the city to fix issues with RE owners not maintaining their properties (i.e. slum lords). It seems that allot of local and remote landlords are not taking care of their properties effectively.

My employer (IT related) and colleagues know that I am a RE investor.  They are very supportive of my pursuit.  I must make sure there is a separation of my work.  If I have to deal with issues as a property manager, I am required to take vacation time.  It is a very hard line that I maintain so that there is never a conflict of interest.

In addition, I have become the defacto go to person when it comes to RE and RE related issues.  In many cases my team has assisted with their issues (little extra $ for the team).

My best advice is to keep it in the open and create a hard line separation between the day job and the RE investing careers.

@Bradley Bogdan @Chris Martin @Dave Toelkes Thanks for the replies.  I don't have any issue with section 8 tenants.  My issue is that we as landlords are forced to comply with the section 8 tenant law (and potential costs).  Section 8 is a federal program that you can choose to accept.  With this change, there is no choice - it's mandated.  When my wife and I reviewed this release we thought that our 3x income and 600 credit score requirements would eliminate the section 8 tenants.  If they met these requirements they would not need section 8.

We would like the ability(legal rights) to chose which of our properties we will accept section 8 not being forced into the program.  It's another way the government is taking away the rights of the landlord.  This is where our concern is.

This month the Indianapolis Council is to consider City Council General Ordinance No. 215.  This proposal will require/mandate that all Landlords accept Section 8 vouchers and be subject to rules that go along with the vouchers.  This is adding Source of Income to the discrimination list (i.e. race, color, religion, etc.).

From what I gather, this has been attempted before but has failed.  I have attached the link for review and comment.  What do the Indianapolis landlords think?

http://www.indy.gov/eGov/Council/Proposals/Documents/2014/PROP14-215.pdf

@Taylor Jennings - Thanks for sharing about the group in Indy.  This group is not one that I had seen before.  Looked up on meet-up - is the venue the "Speak Easy" or has another one been identified?

I own both but do like the duplexes more.  One side pays the mortgage which lowers the vacancy cash flow risks.  In Indianapolis, most duplexes are in such high demand that selling is not a big problem.  It is hard to find a decent (B or higher) duplex property.