All Forum Posts by: Harvey Levin

Fo the electrical and plumbing and HVAC it would be important to the licensed electrician and licensed plumber and licensed  HVAC contractors to pull the permit and deal with inspections.  You did not mention drywall so if none installed the inspections will be easy if not they may make you remove all drywall covering the new. Most licensed trade people will not pull permits for someone else work as they are then held responsible for that work. If  flip or when sold you would be required to disclose and claiming AS IS does not negate the responsilty if not disclosed. 

@Lindel Smith  Great explanation. I am curious if the 80% co-insurance is possibly an issue here.

One other thing to take into consideration is the actual Insurance policy terms. This is not a comment about either Travelers or Auto-Owners but I have had Shelter in the past and switched when I had a claim as I found the policy, which had the same dollar limits as the other quote but much cheaper, turned out to have much fewer actually items covered. I also have had fantastic service and great experience with Auto-Owners in the past. ( not all my personal experiences reflected above  we are also Property Managers )  

I have to say that I block as many as I can. I am now getting over 60 each week from call centers asking if I want to sell. With new technology many now show a number that belongs to other person or companies.  If you are going to use a auto dialer or a call center at the  very least have a process to eliminate calls to those who ask to be removed from the SPAM. At least I can throw away the hundreds of postcards and letters which doesn't waste as much of my time.   

@Shawn York  To clarify, in most states doing any Real Estate transaction for payment (including the showing of a property or answering specific questions such as what the rent amount is ) requires a Real Estate license when the person is not an employee. Most of the other items you listed would not require a license as they are no included in a definition of the Real Estate transaction.  Collecting money is not the determining factor.  That is not to say that showing a property without a license is strictly enforced.  

@Mike D'Arrigo We have well over 100 units with  Section 8 paid tenants in Indy with rents above $900 per month. about 30% above 1000 in 3 bedrooms. We recently took over several doubles from another PM that were renting at $600 but vacant and quickly rented them for 900  to 1075. It is all in how well the landlord or PM understands the way Section 8 works. 

@Jennifer Donley Most of what you stated is correct for IHA and you did a great job of explaining. 

One item to clarify in Indianapolis is that if after the transfer of ownership if the new owner does not want to participate in the program the lease is terminated no matter when the expiration date is. (If they want to participate  as an owner there is still a new lease required) , The courts are very pro-tenant at a transfer of ownership if the new owner does not want to keep the Section 8 tenants.  They allow time for Section 8 to process the move-out. Typically it will take 60 to 90 days and probably without and rents paid.

Rent increases are allowed annually so long as they do not exceed market value. (annually is based on the prior rent increase on the unit not the Ownership).  The form that is submitted must be signed by the tenant prior to submission. One word of caution is that if it is determined that the current rent is above the market the rent may be decreased.  

Personally, this program has made my C class properties long-term success (over 35 years).  It is a requirement of all C Class properties we manage for others that if the current market tenants move we are allowed to place Section 8 tenants.

@Ric Ernst Thanks!! @Ryan Horan There is a lot of incorrect information in the thread. It is very important for all posters to remember that even though the HCV (Section 8) program is a federally funded program each local Housing Authority has the ability to modify its practice and administration. I am involved directly with HUD in Washington to attempt to create a more national adherence to guidelines but the pandemic put a hold on that. I have been working with IHA since 1985. I highly recommend that anyone providing HCV housing have a Realtor or PM who has done more than 2 or 3 of these in the specific city the property is owned. For instance, Indianapolis has different policies than the surrounding counties. It is a great program once you understand the ins and outs. My system is adjusted each year but after 35 years we have most of it covered. In 2021 I am coming out with a video series to help explain.

@elena Dubinski

first finacial offers rental Heloc loans if you live in Indiana

@elana dubinski  i would not call my self an expert in Indianapolis tax sales but i have bid and won at 4 different sales. Feel free to contact me.

@Adam Sankowski thanks

@jason powell uou may want to verify this is actully a Section 8 program. There are other HUD programs that want utilites in the rents. If it is Section 8 there is a process to change how utilites are paid but most likely it would reduce the rent amount.