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All Forum Posts by: Michael J Shabazz

Michael J Shabazz has started 3 posts and replied 25 times.

Post: Buying Right of Redemption, who owns claim to excess funds?

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12
Originally posted by @Latasha Griffin:

@Michael J Shabazz did you ever get this figured out? I'm wondering the same. If I acquire a a property through quit claim, from the owner at the time of the tax sale, before the right to redeem expires (12 months in Ga), can I apply to receive any excess funds that were paid by the tax lein investor? If so, how long does the process usually take in the major metro counties (Fulton, DeKalb, Gwinnett and Clayton)?

Hi Latasha. The excess funds currently belong to the owner of record on the date of tax sale in GA.

Post: Buying from myself with a credit card

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

There are multiple problems with this idea. You will owe eBay a % fee on a $18,000 sale, and PayPal a % fee as well. In addition, PayPal is known to freeze money on accounts they believe may be involved in fraudulent activity. There is a high probability you might have your money frozen and have to jump through fire hoops to get it released. In the meantime you will be paying minimum payments of around $360 a month. Hopefully this would be to a 0% interest promo card or things will spiral out of control quickly. Depending on what card and financial intuition you may be able to call the bank and request convenience checks for the card. Some institutions treat convenience checks as cash advances, some don’t. You might also be able to balance transfer the money directly into your checking account. Research properly.

Post: Deal Diary - Hammy House #1

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

@Mark Larmeu Thanks for sharing your journey. I look forward to reading about your successful rental and refinanace. 

Post: Atlanta Pittsburgh neighborhood

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

   @Michaela G. Great information, thank you.

Post: probate marketing

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12
Originally posted by @Lucas Machado:

@Collin Corrington I'm pretty big in the probate space. Probably one of the best marketing dollars you can spend. Although, I don't get too hung up on postcard, typed letter, yellow letter.

I built a letter folding team that hand-writes the envelopes and signs the letters for $1.00 a pop - I had it quoted at a few services at over $1.75 to get actual hand-written envelopes. To me, you want them to open it. Anything computerized gets trashed. I tested non-hand written envelope probate mailers and response rates dropped from 1.5 to 2% down to .5%. Probates are some of my best leads, so I'm okay splurging the extra .50 (verses postcard costs) for these leads.

 Did you test out fonts designed to look like handwriting? There are some really good looking fonts available that look nearly authentic.

Post: Buying Right of Redemption, who owns claim to excess funds?

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

Post: How to buy a tax deed at the Fulton County Tax Sale, Atlanta, GA

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

@Dan Mahoney I agree that something does not compute.

I took a solid hit, but I'll be fine. Thanks again.

Post: How to buy a tax deed at the Fulton County Tax Sale, Atlanta, GA

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

@Dan Mahoney Thank you for your input.

The house was built in 2007 and was actually in good condition besides the usual looted items (wiring, hvac, appliances, etc.). I could have had the house rentable four to six weeks after foreclosure.  I'm dumbfounded the city can pay several thousand to have it demolished but not several hundred to have it boarded. Unfortunately the lot is not currently worth much, the value was in the AHA rental income.    

Post: How to buy a tax deed at the Fulton County Tax Sale, Atlanta, GA

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

@Dan Mahoney I purchased a tax deed at the Fulton Co. Sale yesterday.  House was standing that morning before sale, return to property a couple hours after paying clerk and an excavator is parked in the living room, two thirds through demo.

A Lis Pendens Notice was recorded with the clerk seeking "either the cleaning & closing or the demolition of the structure," but no order for demo or other notices were recorded with the Clerk of Superior Court or placed at the property.

Does the city not have to record the ruling or tack the notice to the property? Is notice in a legal organ the only requirement?

Post: Buying Right of Redemption, who owns claim to excess funds?

Michael J ShabazzPosted
  • Rental Property Investor
  • Atlanta, GA
  • Posts 26
  • Votes 12

If right of redemption is purchased from an owner whose property deed was sold at tax sale, do the excess funds (if any) belong to the purchaser of the right to redeem or the owner before the tax deed was sold?