All Forum Posts by: Harvey Levin

Pm me if you like

Try this site Matt Griffith has a strong focus on real estate investors 

http://www.indybizlaw.com/law-library

@Ivan Barratt

great explanation Can I quote you

We would love to have him on our team

Each individual housing authority has the power to establish an administrative plan approved by HUD. It is very important to contact your local housing authority to determine the policies. For instance in Indianapolis prior to the 1st Obama budget cuts we received 110% of the current fair market rents. When the Obama federal budget cuts the housing budget occurred the Indianapolis Housing Authority decided to reduce rents to 100% rather than remove vouchers. Each housing authority must make available the administrative plan upon request. I have been managing section 8 since 1985 and currently about 300 of our houses have section 8 vouchers.

@JayHinrichs I have to respectfully disagree with you. I manage 400 class c properties in Indianapolis that are mostly section 8 . I have actively invested and managed locally in Indy since 1980. I have held a brokers listened since 1982 and owned a very successful renovation company for almost 20 years when I sold it. I am also have a CCIM designation. I do not say any of this to brag but to explain my credibility.   I have found that proper vetting of both the property at purchase and tenants are the key to success in any class of property. Class c can be very profitable if the manger has experience and understands the market. Class c can be very profitable if the rehab has been preformed correctly. I believe the problems occur when due to the availability of low cost inventory inexperienced resellers as well as investors make poor decisions. While even with the best vetting problems can occur I see way to many resellers who have never even been to Indianapolis, never seen the neighborhoods or the properties or met the contractors or the quality of their work, selling properties to newbie investors who find themselves out of luck. The class is not to blame, the  lack of due diligence by investors is. Real Estate has always been both a fantastic investment and an industry with a lot of fraudulent activity. The moral of the story is that there is plenty of money to be made in all areas of real estate investing but the buyer beware!!

I can talk you through it. Are they represented? Pm me your info

What area of Indy? How much office and how much warehouse?

Hi in Indy I recommend Marsh. They are very familiar. Not sire of they go to Greenwood.

I have 2 comments.

1. If you have legal recourse it would under" specific performance". Basically you get to hire an attorney, file a lawsuit ( not in small claims court) and force them to sell. Given the negative views most people have of flippers you may have a very hard time winning a judgment forcing them to sell. I have both won and lost specific performance non real estate situations and it is not easy or cheap so make sure it is worth the cost and risk.

2. The other issue you may  face is regarding the enforceability of your contract. Judges typical do not look favorably on contracts that lack "consideration " .  Each party must have, consideration , which  means a detriment to the person who made the promise or a benefit conferred on the other party, both of which are measurable in economic terms. Since you provided a zero deposit, you face no detriment if you walk away. That could very well cause your contract to be considered null and void.  now I am definitely not an attorney but I highly recommend you Google the 5 elements to a contract. ( Btw, I also use zero deposits so I am not saying you should do that but be aware of the risks involved.) This is the reason why at a closing  no mater what you pay for the property the deed usually states $10. when I first started buying it was a dollar and raised due to inflation and increased cost.

My advice is either work out the issues or walk away.

Good luck and don't forget your next opportunity is out there waiting on you to find it.