All Forum Posts by: Josh Anderson

Total renovated turn key in desired Trussville area. Fenced in backyard, with large yard.

Rented Section 8 with Section 8 pay almost 800 a month by direct deposit.

House was renovated, with new roof, doors, paint, kitchen, top to bottom. 

Pictures can be seen here: https://www.zillow.com/homes/for_sale/882705_zpid/...

 The scope of repairs and lease can be provided once a contract is signed. 

Please DO NOT disturb the tenants 

Amazing Turn key in low maintenance area. No HOA!

Renter is on Section 8, which helps keep your rent coming in every month. Rent is set at fair market rent and could be raised in the coming year. 

House has been completed remodeled top to bottom with new cabinets, doors, granite. We have a list of repairs completed on the house, along with lease once contact is executed.  

We had the unit rented very quickly. The tenant was at her last place for 12 years.

Pictures can be seen at https://www.zillow.com/homes/for_sale/889412_zpid/...

We have lenders in place with 20% down. 

Please do not disturb the tenant 

You have repairs listed 2x

I don't think you will be able to secure a loan on a commercial property for longer than 20 years. 

If rents are under its a maybe, but to get 200 bucks a month for 34k in doesn't get many people excited. 

I'd personally pass on it, the cost to maintain commercial buildings is high, and I would want more than $200 a month to deal with all that.  

So we invest heavily in the Alabama tax deeds and certificates. It will all depend on what state you are in. 

The attorney will be able to guild you on the rules to follow. We have made a lot of money in our state. What I would ask if they have completed the process all the way through. From purchase to ownership, you really won't need a CPA or Tax attorney at the start, set up an LLC, and get your feet wet with a few. Unless you intend to dump 200k plus into this, you wont need a tax attorney till later on, same with a CPA, you can get you LLC and start rocking along.

You can also go to your local real estate meetups and ask around who buys tax deeds and who they used to make it happen. 

@TJ Hamon I just go into the office or contact the HOA President and get the docs. They are sometimes filed in probate but not always

So I agree with that is said above. If the tenant wants the house they need to ride the complex to make sure they get the forms. Else I tell the applicate that I am moving on to the next one till she gets all her stuff in.

We get 3 months worth of pay stubs and ask for bank statements. For 2 reasons, one we want to do an auto draft using Cozy.co (free landlord app) and 2nd I want to see how their money moves. If it is always overdrawn and they cant manage their money it's likely they won't pay on time, and it'll tell me how they will treat my house. 

When we call the employer we make sure to call the number listed online, as it's not uncommon for them to give you a friends number and answer for them. If the company won't answer the questions I fax the release if they still won't, I let the applicate know I need this information and can move forward once they get that to me, and then I move on. 

The other bit I use, is that I never decline anyone, you cant get sued if everyone is approved, I just make the deposit 3x, 5x or 10x the rent. Which means they likely can't come up with the deposit amount and I move to the next one. If somehow they have the cash, I will have enough to sue them and get them out and fix my house.  

@Jason Carter i saw your post asking this same thing. 

I may not be understanding you, but you want to buy the house, then owner finance it to a would-be homeowner? 

If that is the case @Rob Drum is your man, he is skilled in setting up owner financing deals and finding some amazing deals

I have done several myself and can share the forms if you like, I will warn you can only do 3 a year and not have to conform to Dodd-Frank guidelines.   

So what you are looking for is a portfolio loan or a commercial loan. Where the bank holds the note in-house vs farming it out. You will need an LLC as they likely won't write to individuals.

We use Bryant Bank, which has good terms and fair rates if your credit is over a 650

Metro Bank does them

First Bank of Alabama does them, have just started working with them

Peoples Bank of Alabama does them, have used them in the past.

When shopping for a bank you want to stay as close to 3-4 branches as possible, once you get over 10 or so, they no longer want to play with the little guys or there red tape is too deep to be worth your while. 

The investor that made the repairs are entitled to redeem the new investor for the back taxes. If the old investor (that made the repairs) doesn't want to redeem, then the new investor has a deed and wouldn't be any different if it was a homeowner. 

They would move forward with taking possession. Now the best deal would be to work out a deal with the old investors to buy his interest thus strengthing the new investor's interest in the property, and likely to be able to file for quiet title.