All Forum Posts by: Shawn York

I'm sending something along these lines.

Greetings Everyone-

First of all, we would like to say that we hope everyone is safe and doing well. Crazy times right now with the COVID-19 coronavirus. We hope you are practicing social distancing and are all healthy.

So, on that topic, as we have already mentioned to everyone, we understand the very difficult times that are presently before us and that it’s caused massive confusion and anxiety. We know that many people are out of work or have had their hours cut etc. As a result, we have also said that we are willing to work with anyone that has been affected by all of this.

If your job or income has been affected, reach out to us and we will work together to see what we can do so that we do not lose a resident and you do not have to move. That would be a lose-lose situation for everyone. We prefer to work with people so we can have a win-win for both of everyone.

As you may have heard, the President of the United States has ordered the Housing Department to suspend all foreclosures and evictions until the end of April.

Please note, and please understand that this does not mean you are relieved of your obligation to pay rent. It simply means that if it is not paid, your eviction will not happen as soon as it normally would. It also does not mean you can simply stop your rent payments and pick them back up when the eviction suspension is lifted. April rent is still due on April 1st.

Having said that, please keep in mind what we said earlier… if you encounter any issues with your employment and you get laid-off or get your hours cut, contact us as soon as possible to discuss what we can do in order to make arrangement

Please stay safe and best of luck to everyone in these difficult times.

I have duplexes and thanks @Monica Johnson for the tip on being able to prove that they are impacted. Now how I do that is the next question I have to ask myself and figure out. One recommendation I would give (and I'm doing it myself right now) is letting your tenants know now and up-front (before they come to you... be proactive) that these eviction freezes do NOT mean that rent does not have to be paid. Let then know that you will work with them and as stated above, they can provide proof. Remind them also that deferring their payments or not making them now is going to create a HUGE problem down the road when this eviction freeze lifts and they all the sudden owe 2-3 month's rent all at once.

@Monica Johnson I don't know think you're an idiot at all. You'd be reacting to market conditions. It's entirely appropriate to raise and lower rents as/when needed for your own needs/reasons. It's good business.

@Monica Johnson Kudos to you for posting this!! I agree with you and @Jay Hinrichs - landlords that are willing to work with people are in the minority on this site. I like your suggestions and will likely be reaching out to our tenants and having your payment structure (or something like it) in my back pocket if the need arises. I also don't understand the rigidity of people on here and the need to squeeze every - single - penny out of your place. For the past 3 yrs we've sent $20 gift cards at Thanksgiving to our tenants so they can buy a turkey/pies/whatever. The response it amazing. Really helps them and in the grand scheme of things... it's a measly $20 from a property that generates thousands of dollars over the course of a year. It also goes a LONG way when people are deciding if they are going to move when their leases are up or stay. $20 once a year and working with people easily more than pays for itself in minimizing turnover.

Hi Jaron-

I can't remember the exact measurements on mine, but 40sqft sounds close and I think it was in the $1500 neighborhood so I don't think you are too far off. That was here in Colorado. I have a question out to my handyman asking their opinion and let you know what they say.

@Account Closed
Searched the forum for HVAC recommendations and found this. Called them for an issue and they were great. Thanks for the recommendation. I'll be using these guys in the future.

@Jose D.
I sent you a private message

As many, many contributors on this site and in the Indianapolis forum have said, Indy is a very "block-by-block" city. You can have a "war zone" on one block and a very nice neighborhood just a couple blocks later. Having said that, by and large, it does seem to be rougher area... C- to D. But S-8 is huge in Indy. 3yr waiting list to get on the program from what I understand so finding a S-8 tenant shouldn't be an issue, but you're certainly not getting the cream of the crop. If you want B-C class tenants, you have to buy B-C class properties... or deal with longer vacancies.
I have a S-8 in this zipcode and I've not had a problem filling it in the past - I'm also out-of-state. I do the majority of leg work with tenant communication, screening, background checks. I have someone there that takes on the role of a PM, but doesn't and can't do the things that an 'actual" PM does like screen tenants and collect rent. They show the property and deliver any notices I need etc.

Hi-

We have an inherited SDIRA which owns a property. (we converted it to a SDIRA upon death and the SDIRA purchased the property) Since it's inherited, we are required to take RMD's. We want to take a 20% ownership this year instead of taking cash as the disbursement. (we took a cash disbursement last year - only about $3500) The goal is to take percentage distributions of the property each year over the next 3-4 yrs in order to have full (private) ownership at the end.
I'm running in to a *boatload* of conflicting information on how to do this. We've already gotten the appraisal, already filed the necessary paperwork with the custodian (less than helpful since it's a "checkbook control" account)
Our problem is finding the right way to do the title paperwork. We've contacted a title company and they say we need a ton more paperwork from the custodian - custodian insists that they've given us all the necessary paperwork already. Title company also says they have to follow their own process (which I get) that include the title search and title insurance - but we already know that's 100% solid because we just did that less than 2 years ago when the SDIRA purchased the property. So title company suggested that maybe a real estate attorney could do some simple paperwork for the the deed showing the SDIRA is "selling" 20% and the new deed would read "xyz-LLC" 80% owner and "XYZ" (private person) 20% owner.
Any ideas/previous experience/guidance/suggestions? Property is in Indiana if anyone is going to recommend an actual contact.
Thanks for reading.