All Forum Posts by: Lynn DeShazo

@John Busch, 

My personal home used to be on a septic system, in a different section of Jefferson County. I used Meeks Environmental Service. They are actually headquartered in Bessemer, and may have done the clean out in the past for that  property. You can ask them about a septic tank system inspection. # is on website.

website is http://meeksonsite.com

Good luck on your first buy and hold!

There are some very nice LVP flooring options at higher price points. Still, in  Alabama, hardwood floors are the traditional favorite in higher end properties. 

I am glad to see this thread, as I'm looking to flip the next property. I hadn't thought through the tax consequences yet. Good ideas here.

@Gregory J., Good luck dealing with Wells Fargo. They seem to take weeks longer to process anything compared with other lenders.

@Jack B.  In Alabama, it's "let the buyer beware." Sounds like a  good question for an attorney in your state, if you still have concerns about liability once the property is sold.

@Adam Mykel Cox, Yes, that is a good tactic for the situation. At this point, we have no idea what the lease arrangements are. I appreciated that input.

And we certainly would ask for payment in full of all past due rents @Dominique Pradel-Lewis, per lease terms, and up until tenancy ends.  Good advice there, too.

@Denise Evans, that is great input. Thanks very much for this information! You are my favorite person on the BP forums on all things Alabama.

@Edwin K. and @Isaac El, thanks for the input. And Edwin for the link. 

We're hoping the occupants can produce copies of the lease the day we visit, as we won't have any paperwork related to these properties until we close the deal.

We decided the margins were too thin at the HUD guidelines "list price" to proceed on this purchase. Thanks again for the input.

Hello BP Pros in Alabama: 

I'm looking for advice on applicable Landlord/Tenant laws concerning occupants of foreclosed property now up for sale. My venture-specific partnership is about to purchase a block of REOs in Birmingham, AL, all 120 days or more in arrears. Six of the properties are occupied. Our first step will be to reach out to the tenants (we assume they are tenants, not buyers) and determine what their situations are. Do they have leases, what rent are they paying, proof of payments, etc..

Does anyone know what rules apply to a tenant's right to stay in the property when it has been foreclosed?  Will we need to honor any existing leases (assuming the tenant can bring payments up to date in the specified period)?  Since the property ownership is changing hands, can we go ahead and ask them to move out by a certain date? 

We are not planning on holding any properties as rentals, unless it's a short-term arrangement while a lease expires. 

Thanks for any help.