All Forum Posts by: Harvey Levin

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  

Depending on the area you're double is located it was probably converted in the 70s to house returning Vets  from the Vietnam War. Usually when those conversions happened utilities were not split properly especially since no building permit or proper inspections of the quality of the conversion work performed. In my experience those conversions are a maintenance nightmare long-term. And if the owner is responsible for the utilities it's very difficult for property like that to ever be successful.

the way that should have been handled is your lease should have stated that the tenant is responsible and the PM should have been billing the Tennant each month or an average should have been added to the rent. However when you advise the p.m. how you wanted this handled you took control of the situation in your p.m. did everything that you told him to do so you have to accept the responsibility. This is a good reason to let your p.m. be your manager instead of providing direction to the p.m. If you don't have faith that your p.m. knows how to manage your property correctly you probably have the wrong p.m.

@James Wise  Thank you for adding your perspective. It always helps to hear from someone without a vested interest in the answer.

I have been getting contacted the last month from many Investors who are wanting to fire the PM they have to switch to us. When I ask why they most often are saying very long vacancy times. When they tell me the current PM it almost always is a PM who discounts fees so low there is no way that PM can afford to provide quality service. Overhead is at an all-time and operating a quality PM company is expensive. Keeping the late fees, for example, doesn't even cover the cost to chase past due rents. The management fee is usually a breakeven on fixed Overhead.  The average rents in Indy (and the midwest) are less than many other areas of the country...)that's why we have such a hot market, low rents = low purchase price). a 10% management fee in a market of 1500 - 2500 is a lot higher than 10% of a market with rents 500-1000.  Now, with the new bill being passed many PM companies will not earn any fees as tenants are not required to not pay rent for 120 days plus the 30 days new required notice prior to evictions. (yes rent will be due at the end of the period but very unlikely it will appear.) No late fees allowed, no evections allowed = no rent for investors and no fees for PM.   I fear you will start to see under-financed PM's dipping into the Trust accounts to keep their heads above water and many just closing the doors. Many of the PM's and investors who began in the upmarket are not prepared for the downturn.  High leverage investing only works in the upmarket, not the down. I am NOT a doomsday person, after 40 years I have seen and survived successfully in many downturns. The key is to be properly capitalized for both the PM and investor. When I want the best results I hire the best and am happy to pay the price for the best results.  Sorry for the rant!!!

Probably an independent landlord who's not keeping up with the news there will be no evictions allowed during the crisis the courts have been closed in the governor has already stated that there will be no evictions for non-payment of rent. Most of the professional property managers are keeping up with the news on a ongoing basis Trunews broadcast as well as through property manager forums associations and Facebook groups. However when this hits the news it creates a lot of ill-will. I'm aware of a property manager in Georgia who sent all of his tenants an email providing them with a list of charities I could help pay the rent he is actually received death threats because of it.