All Forum Posts by: Charlie Vess

@Kishor Rao Kishor - I'll open by saying that I am not an attorney. However I've been investing (purchasing Tax Deeds) in AL for quite a few years. My experience with formulating an LLC is that unless you plan to invest extensively in AL, I would suggest setting up your LLC in your state of home residence or wherever. If it is necessary for you utilize the full court process for redeeming a property, only then will you register your LLC as a foreign entity within the State. The cost is $300-400 plus other fees. Once you are registered, there will be an annual filing fee. I use Will Hereford (Burr & Forman) in Birmingham, AL for all my legal (redemption - filing of foreign entity n Agent for AL) work. I hope this helps! Charlie

@Jennifer Hamon

Being a Landlord of multiple properties in Texas, I have 30 days from the day of Tenant move out to submit an itemized statement along with their deposit. Once the deposit has been submitted, the file is then closed. Not knowing the laws of MA or where ever you rented, I’m a bit baffled as to why you would arbitrarily send a check for the amount requested and not know what you are paying for. If they are not answering the phone that also tells me that something is amiss. And this is REGARDLESS of who owns the property! This then forces me to send them a certified return receipt letter demanding an explanation. Now if you elect to send a check “hoping” that will resolve the matter, I can only say “good luck” because I can tell that you can probably expect more frivolous invoices. Not knowing all the details of the past, this would also NOT effect my decision to invest in real estate. If anything, it would strengthen me to learn what to n what not to do.

Emily - with everything that you’ve stated  I have to ask, when is the last time that you and/or your investor group visited (unannounced) the property?  If so, have you driven the area and spoken to the manager(s) at other properties?  Having determined the highest occupancy, what are their numbers for comparison?  Would you hire that manager and build in incentives?  I agree that Section 8 would be a viable alternative. But it does take a special manager to work those tenants.  Something else to proffer dependent on the location would be AirBnB. With all the horse shows and conventions at the Fair Ground, the vendors are always looking for a place to stay for an extended period. 

Denise - this also answers my question of obtaining your book and getting updates to the Alabama process. I too have been investing extensively in Alabama and only recently came upon your expertise. One particular change that we all will need to get prepared for is the change in interest n auction procedures. Any thoughts on the upcoming interest rate change of 12% to 8%? Best! Charlie

Brandon - I too invest in both areas and can tell you that they are completely different States (counties). They also have there own set of rules for processing redemptions, etc. and you may or may not know, OK City n Tulsa just completed their sale. Being that they held on the same day, I pursued Tulsa and had a very successful outcome. You will need to check with the other counties to find out when they are holding their auctions. Welcome to the Group n good hunting! Charlie

I agree with Greg H. Austins’ growth has also been on an excellerated run. Now having family involved is always a great incentive. But situations do occur whereby if the Austin market adjusts, his company may relocate him. This takes me to investments; if I’m going in on a deal already knowing that I’m not making money then it’s a non-starter. Best! Charlie

I too recently replaced the fan motor n capacitor. The final bill came to $240. So your bill for $700 seems high. I also had a tenant complain of high electrical usage. I suggested that she call the electrical provider n have them look into the meter. Ever so often, the meter can go crazy and add a few spins to the bill. I also did a couple of surprise visits to the property. The results were she had an apt unit full of kids (suedo daycare) with the windows half opened because of the smokers. Unless your tenant is a rock star keeper, I would politely say “no”. Charlie

Pierce, I only have rentals in my state and as such, always retain the hard copy. Reason being if I ever go to court, the Judge will want to see the original copy. The only other reason for keeping the originals is for Landlord vetting programs. They (via federal laws) will require that you retain the records for 5 yrs.

I’m humored by those who say that $1 million is “not much these days”. In retrospect, the vast majority of the population basically lives check to check with little to no savings. By you achieving $1 mil in less than three years n before the age of 30 speaks volumes of your future. Continue your journey of success, thanks for the share and Congratulations!

Ryan - I too had great success at the recent OK tax sales and knowing what little I do know from other Tax Deed purchases across the US, I would not attempt to quiet the title myself. When I do acquire properties from the sale, the cost to “qt” the title from a reputable law firm is always factored in.