The 10 Most Common Legal Mistakes Indianapolis Landlords Make

By Devon L. Hicks on Jun 10, 2018 10:00:00 AM

In the rental property industry there are always two sides of the coin - Landlords and Tenants.

In a perfect world, everything would always go smoothly, everyone would get along, and both parties would see eye to eye. 

Unfortunately, we live far, far away from that world. 

Every state has laws in place to protect both property Owners and Renters and there are certain requirements expected of each. You've heard the saying: "with great power comes great responsibility." Well, as a Landlord, you hold a great deal of power in your hands and so you have a greater burden of expectation. 

After being in business for over 10 years, we've made our fair share of mistakes and we've seen the pitfalls that other Landlords have fallen into as well. 

The bottom line is, it's on you - not your Tenant, not your lawyer - to ensure you're complying with state, federal, and municipal laws. Ignorance will not hold up in a court of law. 

Take a few minutes to read about the most common legal mistakes we've seen Landlords make across the board so that you don't suffer the same fate.  

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What's the Deal with Oceanpointe Property Management in Indianapolis?

By Jeremy Tallman on Jun 3, 2018 10:00:00 AM

We’ve been inundated with calls over the past several weeks from investors who share a similar story.

The conversation goes something like this.

“I need help. I own a few properties in Indianapolis and I haven’t received rent in (fill in the blank) months. No one is returning my calls. I feel like I’ve been scammed.”

For the most part, these homes are located in some of the worst areas of Indianapolis. I’ve used this illustration in the past to describe it best… picture the worst parts of Indianapolis and then picture the worst homes inside those neighborhoods.

Generally, those are the homes we’re discussing.

And inevitably, as we further discuss things with the investor, we learn that they were using Oceanpointe to manage their homes.

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What Indianapolis Landlords Need to Know about 1031 Tax-Deferred Exchanges

By Devon L. Hicks on May 27, 2018 10:00:00 AM

I think I speak for most of us - if not all of us - when I say that taxes can be complicated. 

But, unfortunately, as a real estate Investor, taxes are a big part of our life and in order to be successful, we have to stay informed. 

We've got property taxes, sales tax, write-offs, state, federal, the list feels never-ending sometimes. 

Luckily for us though, we get a ton of perks when it comes to taxes, which most individuals can't claim. 

On top of the plethora of items we can write off, there's another tax benefit special to real estate Investors - 1031 Tax Deferred Exchanges. 

If you're looking to grow your portfolio and continue building wealth through REI, this could be a very viable option for you. There are some fantastic benefits and a LOT to learn about the process. 

*I would just like to disclaim that I am not a tax adviser or financial planning expert and you should consult one before you begin conducting a 1031 exchange.* 

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Should I Accept Section 8 for My Indianapolis Rental Property?

By Jeremy Tallman on May 20, 2018 10:00:00 AM

A hot topic in the world of Real Estate Investing right now, is whether or not Landlords should accept Section 8.

Or rather, if they have to accept Section 8.

Many municipalities across the country are opting to make “source of income” a protected class. 

What does this mean for property Owners?

Basically, it makes your decision for you.

This increasingly popular trend ensures no Tenant is turned away due to being on a housing assistance program. In essence, you’re required to accept Section 8 vouchers.

So far, the state of Indiana has yet to implement this new protected class, but I’m sure it’s only a matter of time.

For now though, if you own rental properties in Indianapolis, you still have a choice.

So, let’s dive a little deeper into the world of Section 8 to:

  1. Help you determine whether or not you want to accept it for your properties.

  2. Educate you so that you’re prepared in the event you have to start accepting it.
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Tales from an Indianapolis Property Management Company: Why Tenants and Owners Should Never Meet

By Jeremy Tallman on May 13, 2018 10:00:00 AM

Today, we thought we would begin a regular - or not so regular - blog series that brings you real-life stories, from a real-life Property Management Company - us - about various situations relevant to the day-to-day life of a Property Manager.

I’m certain, as single family Property Management continues to grow, that someone will produce a reality TV show about our industry.

Because, as you can imagine, or as you may know if you are a Landlord, there can be a lot of drama in the rental business.

Today’s story details an event that happened many years ago.

It was an event that was very painful, taught us some valuable lessons, and made us a much better Company in the long run.

But - wow - was it difficult.

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The Pros and Cons of Forming an LLC to Invest in Indianapolis Rental Real Estate

By Devon L. Hicks on May 6, 2018 10:00:00 AM

If you’re reading this blog, it’s probably safe to assume that you’re conducting research to determine whether or not you should form an LLC for real estate investing purposes.

The good news is, there’s a fair amount of information out there, the bad news is, there’s no general consensus. Investors are are pretty torn on this issue and both sides of the argument seem to be passionate about why they’re right.

You can see a clear example of that in these two BiggerPockets articles, one against using LLCs and a rebuttal discussing why you absolutely should.

Out of the hundreds of investors that we represent, around 15% of them have formed LLCs to conduct their rental property business. That may not seem like an overwhelming majority, however, I think it’s a big enough number to warrant further discussion.

We certainly can’t tell you one way or the other what you should do, but there are definitely some pros and cons that you should be aware of when using an LLC for REI.

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