All Forum Posts by: Kim Bayless

Thank you!  That's what I was unsure about, if there could be a later claim on the property.

Not sure which category this fits, so I'll post here. I've put in a bid on a recently foreclosed home. Long story short....the man died without a will, family all fought but nobody had $$ to reinstate the mortgage so it went to the bank. The house is full of his furniture and personal items. What do you guys do in this situation? Let the family get what they want, or find someone to haul it off? (Not anything that I'd want to keep in there)

Sounds like a very smart man.  A fellow investor recently explained to me about expensive houses on cheap land.....something we have a LOT of around Atlanta.  It changed my thinking on what to flip vs keep.  Pay the most attention to WHERE the properties worth keeping are, and the price is usually in line.  Of course a great deal on those properties is a bonus!  Good luck!

Thanks!  I'm aware of how it works.  There are specific way to structure it and minimize risk, that's why I'd like to find a local attorney who does these deals on a regular basis.  Some of the larger firms in downtown Atlanta do, just prefer not to go that route if I don't have to.

I am fairly new to the area. Would like to find a local real estate attorney who is experienced in investor type transactions, especially subject-to. Prefer a smaller firm where I can deal with the same person instead of multiple partners, and get closings scheduled fast. Thanks for any suggestions!

It can be a gray area, but generally if you were not negligent in upkeep (as in didn't ignore requests from tenant that there was a possible issue) you aren't liable for the tenant's belongings. He also has a responsibility to "mitigate the damage", which by being gone he didn't do. Not your fault he took a vacation. And not your fault he chose not to carry renters insurance. I've not been in GA that long so not familiar with any state laws that might address this, especially the part about being required to furnish alternate housing. If he wants to leave anyway, I would think breaking the lease would be cheaper than renting him a hotel though.

Danny Carter you just have to figure worst case scenario in your bid. And also allow for costs to get the occupant out...either cash for keys, or carrying costs while you take the legal road. GA is not as bad in general as some states on evictions, however I've heard a few horror stories. I've had better luck with pre-auction bids when buying from Auction.com, rather than dealing with $10K or even $25K bid increments during the sale. Usually your max figure is somewhere in between! That site attracts a lot of new investors who are willing to overpay, so they milk it.

Welcome! I'm nearby in Paulding Co. I was in your shoes not long ago. Two months later I am closing on my first deal. Thanks to my support network I'm not going into it blind. I highly recommend going to the local REIA meetings. There are several, you can search on meetup app. My main group is meeting next Tuesday, Aug 16th. Free for first time guests, go to reiaatlanta.com for location and info. Feel free to message me if I can help also!

That's a great solution!  I didn't think of trying to sell to the tenants as is.  If they stayed throughout the whole foreclosure & auction process, they may be pretty attached to the place.

The auction company has no information on the lease.  I'll try to contact the former owner, if not I'll just have to see what the tenant says after we close.

@Wayne Brooks, I'm happy to hear that I may not have to honor it if they have several months left.  For all I know they may be perfect tenants, but I can't fix it up and retail it with someone living there.