All Forum Posts by: Harvey Levin

The same thing happened after the effects of the 2008 crash when many OSI let the properties fall into horrible conditions. At that time the city started calling out Foreign Investors around 2013 through 2015. Indy used that as an excuse to implement the Landlord Registration. HOA's are concerned as many rentals are not kept up in proper condition. My personal belief is that we will start seeing more restrictions in the coming years with Indianapolis leading the way depending on who the next Mayor is. The current City Council is very anti Landlord. I also see in the very near future for more subsidized Apartments being built all over including B class areas as the former low-income areas are gentrified and prices force low-income residents to move. Chicago went through this in the early 2000's.

Thank you for looking at this!!!  

One caution about portfolio loans is if yiu want to sell one of the properties it can be very costly. Dont be fooled by no prepayment penalties as that usually applies to entire loan not selling off the collateral.  I know of several investors who got stuck. 

I have owned coin laundromats. This is a totally different investment than Real Estate as this is a living breathing business. The biggest issues we faced was equipment breakdown as customers routinely abuse the equipment  the most common repair ws due to over stuffing the washers and using the washers to dye items. The next and this may have changed due to improvements  but we had gas dryers and the ignitor glow bars would fry due to particles and lint attaching to the bar. Really easy fix if you have someone around to change it. The other important item is if you have anything that is cash driven. If cards are available to purchase for cash then the cash must be pulled from machine regularly.  I did make great cash flow from mine but i did get regular calls about machines broken down on weekends.  In a nut shell you need at lesst 1 person you can trust and a hood repair and maintenance process 

The CDC has had a slight modification and extended until Oct 3

This was in today's email from the Indiana Association of Realtors 

Reminder: License Required for Property Management

The Indiana Real Estate Commission reports a high number of unlicensed people involved in property management and asked us to help with outreach. While IAR members are already licensed, we thought we could empower you in case the issue comes up and take the opportunity to also share some other info on the topic.

We noticed a big iptick in applicants since the weather broke. Unfortunately many still were on unemployment so they did not meet job history requirements.  I feel the market for tenants will explode in june as people who have been stuck in their homes are ready for a change. Good if you already have a vacancy but bad if you have a lot of month to month leases.

I am happy to see the veto. I also spoke opposition to the city policy at the council meeting.(more landlords should have appeared and voiced opposition even though it would still have passed) .  I am courious if anyone has felt any negative impact from providing the form to tenants.

Fo the electrical and plumbing and HVAC it would be important to the licensed electrician and licensed plumber and licensed  HVAC contractors to pull the permit and deal with inspections.  You did not mention drywall so if none installed the inspections will be easy if not they may make you remove all drywall covering the new. Most licensed trade people will not pull permits for someone else work as they are then held responsible for that work. If  flip or when sold you would be required to disclose and claiming AS IS does not negate the responsilty if not disclosed.