All Forum Posts by: Robert A Lawson

Thanks for the info @Isaac Blocher and @Josh C.

We have done everything by the book and checked with our attorney, who is a property lawyer professor at IUPUI. He let us know that the law in Indiana does not restrict the use of the deposits by the manager/owner as long as they are returned correctly. So I was interested in what other people and companies have done with them. 

Also, Josh, I know of some other property management companies that have the tenants sign off in the lease agreement that no interest gained from security deposit is due to tenant. I don't think you should worry about putting your deposits in a savings account (even if it is only 0.01%)

I have been a property manager (and my wife a realtor) for many years on a smaller scale; helping out relatives and friends. But recently my company has exploded in the Hamilton County, IN area. I knew never to touch any security deposits, don't view it as any income, must be put in trust, etc. And I haven't done anything but keep the deposits in a business savings account. But now that there is tens of thousands in the account, Is there anything I can do with it to have it grow more than 0.01% in a savings account?

I looked over the real estate laws in Indiana, which haven't changed much since the 70's, but not much is said about what you can do with deposits. Just that they are to be securely held and returned. Does anybody else in Indiana know of a safe account I can move deposits to gain more interest?

I would guess that larger management companies have money managers that put a certain percentage into other investments.

Hi Charlie,

I'm a property manager from Noblesville and I am involved in exactly what you stated on the forum. If you have any interest in Hamilton County, I work with many investors, providing them with properties that have been evaluated to meet their needs. Please let me know if you would like to be updated on properties that fit your interest.

www.morningstarpm.com

There are several online applications that are directly made for property managers. I'm sure other people will name other apps/programs that work perfectly fine, but I use truerent.com 

It's simple, allows record keeping, file uploads, and user access for property owners and tenants. You can accept and transfer money from checking accounts for free too!

Cost is $1 per unit per month

All owners need to think like this!!! If people want to check in with a property manager every day, then they're better off being their own property manager. The purpose of a manager is to handle everything a homeowner doesn't want to worry about and just send them their passive income.