All Forum Posts by: Shawn York

Not sure what your beef is with BAM or if it's Syndications Deals in general. Whatever the case, I'd say you're wrong on this one for sure and the OP should ignore any advice you give - at least on this thread/operator. Case in point, just today BAM announced the sale of an asset. 17.4% IRR and a 2.63 Equity Multiple to investors. All the while, I'm sure they were assuring their investors that everything was going good (as they all do) but as I and others have noted, we give our recommendation to this company because their assurances that everything is going well.. is in fact accurate with this operator.
Again, not sure if your beef is with BAM or syndication deals in general, but as I can see from this thread, you've been invited to reach out to investors that have invested with BAM and discuss... and you haven't so, @Marie B. take note of that and realize that some people are just haters.
@Marty Summers Figured you'd be interested in seeing this LOL

@Harvey Levin
FYI: October payment/deposit just hit my bank :-)

@Harvey Levin
Yep, both property taxes and my yearly insurance are due here within the next month so that's definitely a wrinkle - but do-able and again, easier to tackle if you're not also scraping money together for a mortgage as well. Awesome that yours are paid for too. The cash-flow is indeed nice - just not this month. LOL
As for the ransomware attack, I've heard about the same timeline for a possible resolution - not a quick thing to rectify. I can hold out that long but when I spoke to the regional office on Monday, they indicated they are beginning to gather names and were planning on starting to send out physical checks next week. That said... not holding my breath for sure. It IS the Federal government after all. I'm no attorney either but you and I are eye-to-eye on everything you said - I think you are spot on.
Thanks for the news clip!
One other thing I think most people are unaware of is just how much "assistance" that S8 provides. I think most people believe S8 covers a small portion of someone's rent. In every S8 tenant I've had, the S8 portion of the rent is around 80% or more. If that's the case with even half of their clients, then landlords are out a massive amount of rent and it could cause some serious issues as you indicated.

@Harvey Levin
Thanks. I saw that you have several and a PM company. I actually called your PM office and they told me about the same as you said here... you guys hadn't been paid either. That's gotta hurt you guys with missing such a big chuck of income like that. I'm lucky in that I'm pretty debt-adverse so my duplex is paid for and I have reserves so I'm not hurting too much and can stomach a number of months before I'm made whole again.
I knew about not being able to go to the tenant and not being able to evict in the event S8 didn't pay. Interestingly enough, I scoured the internet and didn't find anything at all about what to do if S8 doesn't pay. - Likely because I think they thought this would just simply never happen (as evidenced by you not missing a payment in almost 30yrs) Wondering if any changes will come about over this.
I'm not soured on S8, but even being out of state, I've seen the mess that local IHA has had over the past year. Like you, I still believe there are more positives than negatives, but I'm definitely going to ask about some clause being added in case something like this happens in the future. I think if Covid has taught us anything... it's that the unexpected can (and will eventually) happen.

@Mike D'Arrigo

I'm an out of state investor in Colorado with a duplex in Indy. (both sides Section 8) I see IHA was hacked (ransomeware) and has been down since at least 10/3. Any news from someone local like yourself or @Harvey Levin? (tried to tag Harvey but not able to for some reason) I got both of your names from a previous Section 8/Indianapolis post.
I've not been paid for October, nor am I able to get any responses from IHA, the local Field Office or even the Regional Office in Chicago.
Any help is appreciated. Thanks!

@Jason Malabute Yep - I'm currently invested with BAM in Fund #1 and Fund #3 (no money in the war-chest when #2 came around)
Distributions have been consistent and reliable and Fund #1 has already generated a 2x equity multiple. Great people to work with and I plan on investing more with them next year when I sell another property.

Thank You. I just sent out a lease this morning and I included it too... just to be safe.

Last I heard, the senate/governor passed legislation that basically said state rental laws superseded city/county ordinances/laws and that basically killed the requirement to include the Indianapolis Tenant Rights form that Marion County said you needed to include with all new leases.
Is that accurate? Anyone know?

@Harvey Levin
I agree and if I were in-state, I might have gone. I really try to stay abreast of these things and stay involved as I can. But like you said, it likely would have passed anyway. Many of these things... they "walk into the meeting with the votes already in their pocket" (old line from the movie Footloose - haha) 
I've had zero issues with the form being signed (see rant above)

@Ric Ernst - From what I see, it did pass. State Senate over-rode the veto in Feb and the House just did the same a few days ago. https://www.theindianalawyer.c...
Having said that, I could be wrong - who knows. I agree that the form isn't overly onerous - pretty easy to add to all the other electronic forms the tenant has to sign, and frankly, I think the tenants that the form is aimed to help are mostly the type that are signing anything that's put in front of them anyway and not really reading it. It's just irritating to me that I'm being told that it's MY responsibility to tell another adult what their rights and responsibilities are... and further, I'm the one that gets in trouble if I don't... or I forget. I guess this is turning into a rant - I feel the same way about the eviction moratorium. I've read several articles and another one just last night where the author had basically said the landlords are the bad guys because many tenants don't even know there's a moratorium in place or the steps they have to go through in order to get the moratorium protections.
I for one am thrilled this got vetoed even if it's just for that simple little fact that I'm a landlord/investor... not a baby-sitter.