All Forum Posts by: Steve Lehman

@Kevin Harris

You need to contact an Indiana Real Estate attorney. If you need a referral I can provide multiple ones. Feel free to DM me. 

@Jason A.

What are you willing to pay for this service? 

@Doug Heim

This project was back in 2015 and it was a duplex. From what I recall I believe this one took about 8 months. This side had a huge hole in the roof, one of the reasons we bought it. Most others passed on it because of little experience or it was to much to take on. 

We love the quick projects to but most of our rental grades take about 6 to 8 weeks to do. 

@Doug Heim @Luis Vaca @Grant Anderson Here is pics of a prop I bought a few years back. :)

@Michael Tan

Are you aware that this property is listed as pending on the MLS for $54,000?

If this person whom you are dealing with has it under contract for $50K then why are you paying them a $9500 assignment fee. IMO you should reconsider this and walk away. There are much better deals out there then this one. 

This is in the property description:

2 bedroom 1 bath bungalow in South Broad Ripple. Property has been a long term rental but a homeowner could add some finishing touches and have a great starter home. As a cash flow property market rent is 750-800 per month so an investor could have a stable income producing property.

I looked at the pictures and I am not sure where you came up with a $37K rehab. That seems pretty high. 

@Dennis M.

HAHA, sunshine and rainbows. You forgot the unicorns. :) 

Marion county and Indianapolis started to crack down on deadbeat landlords and those PM's that would not repair the properties. Sometimes good landlords get caught up in it. Especially, when you get a tenant who knows how to work the system. 

@Teresa Humphreys @Jay Hinrichs

Health and Hospital is the old Code Enforcement and board of Health. Marion County changed it over to Health and Hospital a year or 2 ago. 

Teresa - You are not being sued you are being taken to court for complaints to your property. You were named because you are the owner of the property. Health and Hospital probably got it through the Landlord registry or the tax records. Even though the lease is between the Tenant and the PM they will go after the owner. The $2500 is a fine that can be impose should the judge find you guilty of being out of compliance wth city and county codes. This will appear on you next property taxes if not paid the day of court. If you do not pay it the will start to add additional late fees to that $2500 fine. 

From your remarks it appears you had an eviction or something go bad with the previous tenant. Ether way the old tenant called the Health department, the HD sent an enforcement officer over and found that the property is not in compliance.  and now this is what you, an attorney, or your PM will have to go to court. Sorry to say but tenants do these things, I know from personal experience. 

My suggestion to you is to get together with your PM and come up with a game plan on who will appear in court and if an attorney should be contacted to represent. If your PM is a good one they will have everything documented. All that documentation should be brought to court. The more leverage you and your PM have the better. 

One more thing, before you go to court make sure that all the repairs the HD wants done have been completed. This way you will have a better fighting chance of not getting that fine. 

I am sorry you have to go through this. I have been there and it is not fun but makes for a good learning experience. 

@Daniel Kong

Yes, if you own rental properties in Indianapolis you will have to register them with the city. @Adam Sankowski is correct with what he said. 

There is a one time registration fee of $5. This is not for each property, it's for all the properties you own as rentals. 

Your link you provided is correct to. Here is some more info from the Indy website. 

https://www.indy.gov/activity/landlord-registration-program

I will second Larry Reed. He was an inspector on multiple investment properties for one of my clients. He does a thorough job and is professional.  

@Grant Anderson

Check out Barratt Asset Management. Ivan Barratt. I believe he is a member here on BP. 

Here is a link.  https://www.barrattassetmanagement.com/

I have no affiliation with them but they have a great reputation here in Indy.