All Forum Posts by: Brad Sanford

FYI.

I have rentals in the $90K range that I pay around $600/yr. Some a little less.

You can give Tabitha a call at Wiley Insurance Agency in Madison, Alabama

I have policies for my rental units through American Strategic, in Tampa, Florida.  So mention that company.  Not sure if they work in your areas, but I have homes all over Alabama.

They have a few rules, like NO trampolines and they prohibit certain types of big dogs.   But I have been happy with the coverage they provide for my rentals.

Brad

Hi Brant.

Alabama is a great place to invest. I have SFR units in several cities. And partner on Multifamily units in Georgia and Alabama.

The Huntsville area has been great for me. I keep the rentals full and we do have a lot of military and civilian vendors for the military that bring people in regularly.  It amazes me when many people move from the Northeast or far West and see just what they can buy here. 

Feel free to touch base if I can help you discover more about Investing our state. 

Brad

Is this a home you want to live in, or to rehab and sell, or to hold and rent? I know that market pretty well.

brad

That is a bit south of me. But I have a realtor down there. If you can send an email with some property ID numbers I can ask her to pull a CMA and possible tax history.

I am not super versed on the application process for a tax deed but I think after about 3 years you can apply. Im sure some folks on BP can help

What area of Alabama are these properties? Would be glad to do a little recon if they are close to where I own properties or work.  It appears you live out of state.

What are you looking for in a house?  What areas would you prefer?  How would you pay for the rehab costs?

And be careful.  A pre approval is not the same as prequalified, and things change over time.

Even though it is family, if you "buy" a house with intention of selling to him, you are still responsible for that property if the sale doesn't go through.  Most hard money lenders don't have great rates, but you might can work out the term you need.  Just be prepared to have a secondary exit plan if it is needed.

Is the power still on in your moms name as of today??

It sounds like you have done the proper research.  If the guy is acting like a property manager, and representing the he was hired to work for the property owner as a paid agent, he might need to have a state license, or at least some type of certification, to do that.  From my experience, Alabama law is sometimes ambiguous as to exactly who can be a property manager (for pay).  It may be that anything this PM does is as an agent of the property owner, so that could end up being a bad situation for the owner.  

Since I own rental property in Madison County, and I am considering hiring a property manager, I don't see any reason why you couldn't refer this upstanding individual to all your friends at bigger pockets and other investor sites.  I am sure this guy would appreciate your recommendation to other property owners  as to how he try's very hard to keep "tenants out of trouble" while not bothering to inform the property owners of situations that could possible end with both of them in a courtroom.   *Of course, sometimes you have to see a little humor in things to make the ordinary challenges of the rental business a little less frustrating.

Did I understand your comment correctly?  Your mom vacating the property, leaving it in good shape, and  is paying through December 23 (60 day notice).  But if she does not pay an extra two months (after Dec 23 as a fine) the property manager will refuse to allow a qualified tenant to possess the property on or about December 24?   If so, I would document that conversation carefully.  Sounds like the Property Manager is delving into a totally different area of law.  They have an obligation to mitigate loss when a lease is terminated early. And it also doesn't make sense that a PM would turn down good money from a qualified tenant if the property is available. That is a disservice to the property owner.

But I would agree with Denise and others.  It all comes down to language in your lease. And it sounds like that may eventually be a decision for a court.  If possible it might be better to pay the extra two months, and then attempt to recover that later.  I would assume if the property is re let to a new tenant, your mom should get a partial refund.  If you have evidence they refused to lease to a qualified new tenant, then a court might also make a ruling in her favor.  This is one of those cases where you pick your fights carefully.