All Forum Posts by: Harvey Levin

@Ashley willis as far as late fees. You should check with your attorney as in most situations late fees had been prohibited 

If you are owner at move out you are responsible.  Unless prior manager will be your manager Security Deposit should always be transferred on closing statements 

I used to be a commercial broker and there is a very strong demand for small office with back area with tall overhead doors high ceilings.  I have looked into building thses in the past but the cost did not balance with the amount the target (basically start up or moving from homes) budgets.  I still think it will work of an existing building can be found. I saw an excellent example of a converted warehouse divided by chain link fences.  

Thanks for the mention @Ric Ernst

@Aaron Singer if section 8 interest you let me know by private message. I have been utilizing  that program successfully in Indy since 1985 

If you use google you can find the actually indianapolis form.

@Laura Keels non unpaid rent lease violations are not covered under moratorium depending on what the violation is. Check with your RE specialized attorney

to all who do cash for keys while I certainly understand the need at least go after damages. Without a judgement there is no public  record that this is a bad tenant. Also many times while the bad tenant is trying to move and potential landlord does a rental verification the landlord  either ignore or provide misleading information so the bad tenant can move out under cash for keys. It is makes it hard to do proper screening.

The federal moratorium only app lo is to federal backed loans or participants in federal subsidies programs. There are opinions that non rent related evictions are exempt for moratorium.  However in locations with closed courts or state or local moratoriums it really doesn't matter

@Jack Liu I have been utilizing the Indy Section 8 program since 1985 as an Investor and now a PM and am a speaker for HUD on Landlord issues as well as serving HUD in advisory capacity. In the past I have also served as an advisor to the local Housing Authority Directors and a past president and past Executive Director on Landlord issues. Message me if you want to set up a 30 minute call on Saturday.

@Douglas Brown  Lots of great info mentioned above. I am not sure but I didn't see anything about Builders Risk policy. I do the following:

1. Use Foremost as Insurance on a vacant house at purchase needing repairs.  Switching at occupancy to a standard policy 

2. When occupied have my agents quote occupied policies as well as a quote from Foremost making sure when a vacancy occurs coverage is available.

3. If it is a higher-priced property that is vacant and needs some repairs or a major rehab on a lower-priced property  I will purchase a Builders Risk which also covers uninstalled materials and products on site.

We went for 4 years with zero problems in 46201, 46205, 46208, and  46218 averaging 80 to 100 vacant units per year but at the end of 2019 and 2020, we have had to take more precautions. Boarding up units including all windows until occupancy, Simpli Safe Alarms, holding off install of new HVAC  and appliances until the day before move-ins seems to work very well.

Good luck