All Forum Posts by: Brian Cloud

I am real estate attorney here in Birmingham and work with a lot of investors -- both local investors and out of state investors. We are a full service firm for the real estate investors -- closings, foreclosures, evictions, draft agreements, set up companies, etc. Let me know if you need our assistance with your real estate ventures here in Birmingham, or if you just have a question/need a recommendation. Thanks.

I would agree with the comments above but definitely make sure you consult a local attorney.  You want them all responsible for the debt and by having them all responsible then they would be jointly and severally liable.  Of course, if they would all sign their lease for the full monthly rent, then they would all be liable for the full monthly amount and you could receive 3 times want you wanted to in the first place; but the tenants and the courts would have an issue with it.  Go with the one lease; listing all as the tenant and make sure their is a clause that states that they are all liable. 

I am a real estate attorney here in Birmingham and work with a lot of the local real estate investors as well as out of state investors. We try to be the full service for the real estate investor/landlord as we handle closings (regular, wholesale, creative real estate deals), evictions, foreclosures, LLC formation, draft leases/contracts, tax redemption matters, etc. We are always looking for new investors to work with and have the staff to handle a large volume real estate practice.

Also, if you would like, we are often are being told about available properties so if you would like to be included in our mail out, please send me your email address.

I suggest you call Matt Lineberger with Lima One... 

Jim Waddell with AB Home inspections is who I would recommend.   205-253-4445.

The person who paid last would have priority status although in your example the person who paid the 1st year would have a right to redeem the property by paying the person who paid for the 2nd/3rd year in your example.  Once the quiet title action is filed, the person who paid the taxes in year one would most likely have a tough argument and would most likely lose the property.   My suggestion would be to redeem before the action is filed.   A very good question and unfortunately those facts would most likely create a longer court action than others.

I am actually an real estate attorney myself.  These have to be filed in Circuit Court and so they could take a year but most likely shorter; but most likely longer than 2 months.  My firm handles them on an hourly basis and they typically cost between $2k and $5k but you never know. 

You actually dont foreclose in these matters.  You need to obtain a tax certificate/tax deed and once you have maintained the property for 3 years from the date of the tax sale, then you can file a quiet title action to convert the tax deed into a marketable title.  Such matters are filed in the Circuit Court and you need a title binder as you have to notify all interested parties.  These matters are time consuming and expensive.  We have about 20 pending at the moment for various clients.

I would suggest Birmingham.... we have a lot of activity here both with local and out of town investors.  Rent rate is solid and although I handle a good amount of evictions every month, the tenants seem to pay their rent. 

I am a real estate attorney who represents a lot of investors who purchase in Birmingham...... it seems to be a very active real estate market for the real estate investors (both local people and out of town investors are buying here).   I am told that the rental rates are good; and the economy has not been as affected as much as other areas of the country.