All Forum Posts by: Richard Palmer

Lee, I also invest in Birmingham. We should link. 

If it's a lease option, the down payment is non-refundable and gives the tenant-buyer the option to buy the house within a specified amount of time. The deed still remains in the owner's name, and the tenants are essentially renting the property. They don't have any ownership stake.

If the tenant-buyer exercises the option, the property is sold to them at the agreed upon price, and the deed is then transferred to the tenant-buyer. Given that they never exercised the option, they should only be tenants. By not paying, they have breached their rental contract, which is grounds for eviction. Had it been seller-financed, they would already have the deed. In that case, he would need to foreclose on the propererty. 

So, I agree with advice given previously- ask the owner to seller-finance you the deal on terms, get the deed in your name, and get the tenants out the property. You can evict them, but another option is giving them cash for keys of maybe $2k. I would tell them they aren't owed anything, and that's how much it will cost to evict. So, you can either use that money for a lawyer to evict them, or they can have that money in exchange for not ruining the property even more on their way out. The choice is theirs.

Keep us posted.

Glenn, that's an expansive portfolio! May I ask why you're looking to sell. From the outside looking in, it seems you're winning! 

Hello Deonne. I'm an investor also looking to network in the greater Birmingham metro area. We should connect. 

Vontarius, what tech is that?

Arturo, are you licensed in Alabama? Also, are these non-recourse loans that can be used under a LLC? Thanks.

About a year ago

I used PenFed Credit Union for a rental in Birmingham

I have a very similar issue. I used AFS in the past for waterproofing and structural support to a few beams in a Birmingham home. I won't EVER use them again.

I recently came across another home in Birmingham that has a substantial crack in the foundation and basement shows areas of water. Called Ox Foundation and APS. APS gave me an estimate for 34k just for the foundation. Ox estimated 8k-12k for vertical beams but they believe a few beams would need to be replaced. Ox specialist advised me to call a GC for beam repairs and said he would refer me to a few. After multiple calls and texts, he has yet to do so. Neither estimate included waterproofing.

If anyone has any referrals, please let me know. Good luck!