All Forum Posts by: Tricia O'Brien

@Gloria N Gear

Hi Gloria,

I looked up the proposed law and it looks like it does have a rider.  It looks like it is proposing that the attorney general can dissolve certain "public benefit corporations" if a corporate landlord is found to be negligent, and there is some pretty vague language about what is covered. I believe this got started because of a problem with a corporate owner of an apartment complex in Indianapolis called the "Indiana Arms Apartments". 

Looks like it is an affordable housing complex with about 36 units.

It looks like the law is trying to target corporate Non-profit organizations that own or run affordable housing apartment complexes.

If you Google "Indiana Arms Apartments" you can see some news articles about it, especially one published around Feb 1, 2023.

Would like any additional info if anyone finds out more info about how this is progressing through the legislative process...especially if the proposed bill gets expanded to include private landlords! 

@Nathan Gesner

Does anyone know where I can find the text of this proposed law online ?  Laws are like most things in our lives... the devil is in the details

 My phone alerted me that on Feb 1 the Indiana state legislature passed a bill related to landlord/tenant rights, and I wanted to know what do all the other Indiana investor think of it ? ? And does it have a chance to pass the state senate and be signed into law? 

Let's hope we're not going to become another California!

My understanding is that it allows the Indiana attorney general to go after a landlord if they don't repair something within 45 days after getting notified of a repair need in writing.  Is this correct?  Does the proposal only apply to corporate landlords or also Mom and Pop landlords,  who  own say 4 or fewer units,  in its current form?  And can the written notification come from a tenant? Or is the proposed law referring to written notification from a court or other government entity?  

What repairs are covered by the bill ...heat, electricity, natural gas, leaking roofs, broken windows, etc etc?  Or any repair request?

Any replies would be appreciated! 

What are turn key rentals in class C neighborhoods in Memphis going for these days?

Hello!

Welcome to Anchorage Alaska!  I've lived here in Anchorage for 10 years now. I recommend you spend the next 12 months getting used to your new home City, paying down at least $40,000 in debt over 2023 , getting a great financial education through podcast, books etc and downsizing your lifestyle.

If  I were you, I wouldn't rush into taking on more debt through a mortgage. You are going to have a tough time getting financially free with all the debt that you already have.  Even if you pay 20% of your $188,000 income in federal taxes, after you pay down $40,000 in debt I think you'll still have about $73,000 for the four of you to live on. Then you could assess your situation again and make a real estate investment plan for 2024 .

Best of luck to you ! 

@ John Morgan

When you rent out one of your houses by the room how do you handle utilities? 

Are the tenants all single adults without children?

Thanks!

Is there a way to attend virtually? I own property in Muncie but live out of state!

Hello Amran Musaid! I feel your pain ! I have found that about 80% of property managers suck .If you want to self manage from another state it is definitely doable. I currently self-manage my rental homes in Indiana and California from where I live in Alaska. As others have said,  it is important to have at least one person who can be your local contact to take care of things that have to be done in person. It can be a trusted handyman . It doesn't absolutely have to be a realtor or property manager.  I recommend you purchase and read the book by Brandon Turner called "Managing Rental Properties". It will give you a great overview of the different aspects of property management . 

If you want to try to find a better property manager, you should consider joining a Facebook group or real estate investors group that is based in the local area of Michigan where your properties are located . Perhaps people in that group can recommend a property manager . You could try you can also contact Realtors by phone who mostly do sales and ask them to do a tenant placement service for you. Sometimes realtors in small communities will do that... especially if you tell them you might be interested in buying more properties in that same city or county.

Do a Facebook video tour or WhatsApp video tour of each of your properties. This will give you a better idea of how if looks than photos.  Also insist on before and after photos with any repairs before you pay for it.

I have found that the property managers who do a good job usually have no more than 65 to 70 units per realtor maximum. So ,for example , if there are two licensed Realtors but the company has 200 or 400 or 700 units that they manage, the service will usually be very poor... they can only stretch themselves so thin and the unlicensed people usually don't know very much and are poorly trained. Best of luck to you!

Are you comfortable with reducing the price at least 10% to try to get it sold? If not I would try to find a reputable property manager to at least do a tenant placement service or full service property Management starting December 1st.  It looks move in ready. Hopefully you can get it rented by January 15th if it's priced right. Make sure they do excellent tenant screening! Do a 6 month lease, not a 1 year lease if you want to try to sell it next summer. If you want to refinance in a few months then get a 1 year lease. Get the property manager to pick up any loose trash in the alley and bags of white trash bags before they take the photos to list it for rent !  Good luck!