All Forum Posts by: Derek Gendig

@James Wise, if you need a PM partner in Indianapolis, @Todd Burton and I would be happy to discuss how we can work together.  Let me know if we can be of any assistance.  

@Brian Chen welcome to Indianapolis!  Time and network will be your biggest asset.  If you have not yet done so, I encourage you to join the FB group Indianapolis Out of State Investors.  Lots of great connections to be made there to include Out of State Investors as well as local providers such as myself and @Ross Denman.  I strongly encourage you to take a hard look at B Class investments (950+ rents).  While not as attractive on paper (initially), the reduced cost of unit turns as a result of longer-term tenancy, reduced vacancy because the areas desirability & the reduction in expenses resulting from nickel & dime repairs (the property will most likely be of newer construction and should be in better condition when rent ready) will go a long way in encouraging you to do more deals and realizing success.  The mental wear and tear a lower class investment property can have on your bank account and more importantly your mental fortitude could be the difference between long term success and a one and done experience.  As you get started, please feel free to use me and my team as a resource in the evaluation of areas, rentability, rental rates, etc.  

@Luis Moreno congraulations on the deal.  As a PM we get to see behind the curtain as to how well an Owner does or does not do on a deal by deal basis.  IMO, too many Out of State Investors grow impatient and try and force a deal where there isn't one to be had.  Patience, Due Diligency and a Good team are the key to this type of investing.  Sounds like you had just the right combo of the 3.  Again, Congratulations on this deal and here's to many more to come! 

@Kate Batals I am a property manager here in Indianapolis. We work primarily with out of state Owners/investors. We have the capability of helping owners buy/sell, rehab, & provide PM services. Ultimately, if you end up taking a serious look into the Indy market and need some help navigating the neighborhoods, evaluating individual deals or getting plugged into the network here, please don't hesitate to reach out through BP or by sending me an email.  

Having the ability to see how other investors' portfolios/properties are performing, I think you have your head in the right space with regard to looking at a B-class property.  The lure of a C-class or even some D-class properites on paper is hard for some investors to get over but ultimately, the on-going maintenance cost and tenant turnovers of those types of properties proves to be too much financially.  A good place to start would be by looking in areas outside of the I-465 loop (you may need to google a map of Indianapolis to understand that).  There are B areas within the loop by you will need an understanding of the pockets and areas to avoid buying the wrong property.   

@Adrian Beltran I am a property manager here in Indianapolis. We work primarily with out of state Owners/investors. They each have their own strategies to include turnkey & BRRR. We have the capability of helping owners buy/sell, rehab, & provide PM services. Ultimately, if you end up taking a serious look into the Indy market and need some help navigating the neighborhoods, evaluating individual deals or getting plugged into the network here, please don't hesitate to reach out through BP or by sending me an email.

I will be there as well

**Asking for a family member**

My Aunt owns a MFH free and clear in Maspeth NY.  She recently applied for and was approved by the lender for an equity loan on the home but ultimately the loan was denied by the underwriter because the home is showing as a MFH but the city cannot locate the certificate of occupancy for the upstairs unit.  The home was appraised for $800,000.  How has 2 occupied units.  Here are the details:

Requested Loan amount - 100,000

Loan type - Equity loan - 30 years

Credit score - 615

Rent 1st floor - 800.00 monthly - 2 of my children live here.

Rent 2nd floor - 1750.00 monthly

Income SSI - 3240.00 monthly

Income pension - 248.00 monthly

She has asked if I would post this to see if anyone on here might have any helpful suggestions or be interested in lending on the property.  Thank you in advance.

@Eric Fitzgerald we have been through Buildium, Appfolio & Propertyware.  We are currently using Rent Manager and plan to stay with them.  Built on a platform that works in a similar way as Microsoft Office products, you have almost countless ways to customize how/where/when you receive and hold information, documents, communications etc.  They also do a great job of always improving their product.  In my opinion, their support is undeniably the best when compared to the others we've worked with.  Based out of Cincinnati & very easy to reach (and understand!).  

With that being said, I would make it a point to contact each company you are interested in working with and request a demo.  Save your self the hassle of the data migrations and process & procedure overhauls that come with switching between software's.

Good Luck!

As a property manager, we run into situation likes this often.  While this is my first MO stop, it has happened with Credit Cards and e-payments.  Worst part for us is not only having to communicate to the Owner that it has happened but in the case that we have already sent the funds out as an Owner Distribution, we will need the funds to be returned.   Hello Rock, Hello Hard-Place :) 

We recently received a final payment from a Tenant via money order.  The tenant was financially problematic for most of their lease to include eviction being filed on them 3 times.  Each time, the Tenant was able to come up with enough money to pay for the filing and bring their account to an amount the Owner found to be acceptable prior to possession hear date.  The Tenants lease ended January 31st.  January 22nd the Tenant came in to make a final payment to include yet another eviction filing and 2 or so months of rent.  The payment resulted in the Tenant having a balance of $0 and they moved out on the date they said they would to include bringing the keys in to the office.  Today we received notification that the Tenant placed a Stop Payment on the money order thus leaving their account negative by $2400+.  Surely this is not the first time this has happened.  I believe the assumption made by most PM's is that money orders and certified checks are overall "safer" than personal checks as most lease agreements forbid personal checks as an acceptable payment method.  I contacted the bank to see what can be done and was somewhat surprised when they told me other than calling them to get them to issue payment again, I couldn't do anything.  

So my question is has anyone else dealt with this successfully?  Much to everyone's surprise, I'm sure, the Tenants phone is now off and no forwarding address has yet been provided (doubt we will get one at this point as the Tenants response typically was something about staying with a friend for a while or maybe their mother or grandmother).

Any advice or help would be much appreciated.