All Forum Posts by: Harvey Levin
Harvey Levin has started 0 posts and replied 183 times.
Post: Switch Indy duplex to affordable housing tenants?
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
I have been a section 8 landlord in indy since 1985 and managerfor others since 2011 specializing in section 8.the most houses and doubles we have had with sec 8 is over 400 at 1 time. Over 90% of my personal portfolio is c class with sec 8 tenants. It can be highly profitable but making quick repairs is the number one way to stay profitable. Without that tenats do not stay long term ( my definition of long term is 5 plus years)
Post: Switch Indy duplex to affordable housing tenants?
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
Quote from @Daniel Dixon:
Hey BP community!
We’ve got an Indianapolis C-class duplex that we successfully BRRRRed in 2020. However, tenants have not been great, basically late on rent and/or leaving repairs that eat all profits.
Appreciation would allow us to get out with a modest profit, but I’ve posed going Section 8 via the Affordable Housing website to my business partner. We’d have a subsidized tenant, so at least collecting a majority of the rent, and I understand that these tenants usually stay longer.
I know there is bureaucracy with Section 8 but can out up with that.
Thoughts from other out of state investors In Indianapolis?
Post: Indy officials taking notice of OOS investors
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
The same thing happened after the effects of the 2008 crash when many OSI let the properties fall into horrible conditions. At that time the city started calling out Foreign Investors around 2013 through 2015. Indy used that as an excuse to implement the Landlord Registration. HOA's are concerned as many rentals are not kept up in proper condition. My personal belief is that we will start seeing more restrictions in the coming years with Indianapolis leading the way depending on who the next Mayor is. The current City Council is very anti Landlord. I also see in the very near future for more subsidized Apartments being built all over including B class areas as the former low-income areas are gentrified and prices force low-income residents to move. Chicago went through this in the early 2000's.
Post: Industrial/Flex Property- Day in the Life, Building a Flex Prop
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
Thank you for looking at this!!!
Post: Industrial/Flex Property- Day in the Life, Building a Flex Prop
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
Quote from @Henry Clark: thank you for all the details. I have meeting for week after next to start looking for either a site or existing building to repurpose for a similar concept.
Post: Lending options for purchasing a portfolio of 5 residential homes
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
One caution about portfolio loans is if yiu want to sell one of the properties it can be very costly. Dont be fooled by no prepayment penalties as that usually applies to entire loan not selling off the collateral. I know of several investors who got stuck.
Post: Investing in a coin or card operated laundry
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
Originally posted by @Alecia Loveless:
@Noopur Bak I, myself am interested in this too down the road. I’ve looked into it a little bit but it seems like maybe you would need to find an experienced person to network with on how to value the properties you locate and potentially on how to run them long distance which is where card operations would be helpful because it would be so easy for a manager or employee to steal the cash long distance.
Perhaps you can look for a Facebook group on this. I’ve found several good ones on self storage and other subsets of property investing.
Best of luck. I’ll be following this thread!
I have owned coin laundromats. This is a totally different investment than Real Estate as this is a living breathing business. The biggest issues we faced was equipment breakdown as customers routinely abuse the equipment the most common repair ws due to over stuffing the washers and using the washers to dye items. The next and this may have changed due to improvements but we had gas dryers and the ignitor glow bars would fry due to particles and lint attaching to the bar. Really easy fix if you have someone around to change it. The other important item is if you have anything that is cash driven. If cards are available to purchase for cash then the cash must be pulled from machine regularly. I did make great cash flow from mine but i did get regular calls about machines broken down on weekends. In a nut shell you need at lesst 1 person you can trust and a hood repair and maintenance process
Post: Has the Eviction Tsunami started on August 1st?
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
Originally posted by @Jerry Holt:
Hey Marcus. I agree that there isn't much data available out there as of yet. But, in the market areas we work in I can tell you from our perspective we haven't seen any significant change in the weekly eviction filings for individual and mom and pop owner properties. As an example, in your market of Milwaukie, we have been sourcing eviction filings prior to the moratorium, during the moratorium and after it as well. So far, I haven't seen any significant change in the weekly volumes. The same holds true in markets such as Indianapolis, Cincinnati, Atlanta, Broward County and other areas as well. If there is an eviction tsunami we certainly aren't seeing it at this time. But keep in mind that this only applies to individual and mom and pop eviction filings reflecting SFR's, duplexes, triplexes and quads. My thoughts are that the small landlords are probably working it out with the tenants. As far as for large multifamily there might be a surge in eviction filings, but we aren't tracking them.
The CDC has had a slight modification and extended until Oct 3
Post: Property Management in Indianapolis???
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
This was in today's email from the Indiana Association of Realtors
Reminder: License Required for Property Management
The Indiana Real Estate Commission reports a high number of unlicensed people involved in property management and asked us to help with outreach. While IAR members are already licensed, we thought we could empower you in case the issue comes up and take the opportunity to also share some other info on the topic.
Post: Finding Tenants in Indianapolis
- Property Manager
- Indianapolis, IN
- Posts 191
- Votes 152
We noticed a big iptick in applicants since the weather broke. Unfortunately many still were on unemployment so they did not meet job history requirements. I feel the market for tenants will explode in june as people who have been stuck in their homes are ready for a change. Good if you already have a vacancy but bad if you have a lot of month to month leases.