All Forum Posts by: Jynell Berkshire

Will,

Welcome to the group! I am a real estate broker and have found having a license quite usual for my own portfolio purposes, as well as assisting other real estate investors in the Indianapolis market. I have found that it is always good to expand your learning opportunities.

Best of luck

Priscilla,

Not sure what Florida law requires, as I practice law in Indiana. However, I always put a damage clause in my lease agreement that if she prohibits entry in a scenario such as this that it is grounds for immediate eviction, as well as punitive damages not to exceed $1,000 as it has caused me damage and potential sale.

In reviewing the lease agreement with the tenant, I always make them initial this clause in the agreement when executing it. I also put this language in bold and cap letters in the agreement so they understand the consequences. I have been very successful in Indiana small claims court in being awarded this type of damage.

Also, you may want to check her credit score to see how close she may be to buying the home. She may be able to purchase it which would solve your problem. In Indiana, Indiana was just awarded millions of dollars from HUD to help individuals purchase homes, regardless if you are a first time buyer or not. You only need a 650 credit score. There are three mortgage companies that have been pre-approved through HUD for this special program, wherein if the individual does not have a 650 credit score but signs up to go through a credit counseling class to get their score to 650 or above, the State of Indiana will provide up to 4% of their downpayment through the grant monies. This 4% is forgiven forever! It's a great program!! Check with your state to see whether they have a similar program.

The 501(c)(3) real estate focused not-for-profit organization I started in Indianapolis has partnered with another local not-for-profit that provides this credit counseling. We have been very successful with this program thus far. I am also using this tool to help investors find RTOs to move properties after getting their ROI in the Indy area.

Madonna,

Welcome to the group! Can't wait to hear more about what you are doing in Altamonte Springs.

Rick,

Making a property indestructible for Section 8 tenants is very difficult but can be done somewhat. I agree with Dawn that you should use tile instead of the stick tiles. This requires less maintenance. The same is true with hardwood floors.

In Indianapolis, our local housing agency actually values the house at a higher rate when they are looking at comp rental rates in the neighborhood. So, you may be able to get a higher rental rate. But, of course, this is really contingent as well on the individual's income. Also, in Indianapolis, our housing agency also values the property higher if it has ceiling fans. I definitely agree that you need to get the "Section 8" bible to read and review what works for you.

What I have found that works the best is to really screen the tenant. I try to find those Section 8 tenants that actually have a job of some sort. They seem to take care better care of the property, plus you always garnish wages in the future for any damage. Those tenants who merely live off of the system are extremely difficult to ever recover from in the future as to damages.

Best of luck!

Darryl,

In many jurisdictions, you can check with the state or local licensing board. For example, in Indiana, our Indiana Real Estate Commission under the State's Professional Licensing agency governs real estate agents, brokers, appraisers and more. Any disciplinary actions against licensed agents, brokers, appraisers, etc. are publicly disclosed.

You can also always Google the agent and do your own research on the internet. You may be amazed at what you find.

Yes Tim, entering another's property is considered trespassing in most jurisdictions. As an investor though, you are always tempted to enter a property to see what you may be potentially purchasing. I would proceed with caution. Also be mindful that if you get hurt, you more than likely will not have any claim for bodily injuries sustained.

Joe,

Not sure what the contractor licensing requirements are in Colorado. However, you may be able to make a claim against his insurance. Most insurance companies though won't cover quality of work. You may be able to argue negligence or some other aspects. You probably will have to sue him in the courts in your local jurisdiction, unless there is an option against a bond (presuming that is an option).

As to finding quality contractors, a great resource is Angie's list. You can check this out in your local market or, as I have always found most reliable, ask your friends or other colleagues for referrals.

Hi Steven, great to meet you and welcome to the group!

I love Australia! I have several friends from there and my neighbor in Indianapolis used to have several nightclubs in Sydney.

However, you may want to start local and build your portfolio in your backyard since you are new to the real estate investment world.

Keep us posted on what you are doing.

Hi group, I am a real estate attorney, real estate broker and chair of a 501(c)(3) real estate focused not-for-profit organization in Indianapolis.

As Steven and Joel can tell you, our market is really hot at the moment. Our local government has more than 10,000 properties in surplus that they are selling at rock bottom prices. The properties have gone through at least three tax sales without being purchased. We also have a lot of REOs on the market as well.

Curtis: You are right. The geographic landscape of our neighborhoods are quite diverse and change a lot, block by block. Great point.

Hello group, I am a real estate attorney, real estate broker and investor in Indianapolis, IN. I also am the chair of a 501(c)(3) not-for-profit organization I started in Indianapolis.

Charles - Indianapolis is really hot at the moment! Our local government has over 10,000 homes that is selling in surplus at rock bottom prices. These properties have gone through at least tax sales without anyone purchasing. Great time to invest in the market.