All Forum Posts by: Pamela Holmes

If anyone is interested in any of these properties let me know. 

Verdict is in. The State just confirmed to me that I have the option to assign my price quotes to someone else.

Thanks for the feedback. I will contact the State.

I've been purchasing Alabama Tax deed properties for several months and I am running out of resources. I continue to receive these price quotes from the State of Alabama for approximately $5k - $7k. Good rental property that may require some cosmetics but a good buy and hold property for $5k - $7k. Can I transfer the price quotes to someone else? If so, what is the process.

I received a price quote on a property for $5k in Birmingham. The property is 5/2 valued at $85k. The state's interest ends on May 2016. They said for now if I pay the $5k I will receive a tax lien certificate. What is the process to get the deed and what other problems will I encounter with this property. My understanding is once I pay the taxes it will wipe out all other liens. The other issue is the owner's daughter still lives in the house. I just want to make sure this is a smart investment and I have done my due diligence.

I am in the process of evicting my tenants due to no rent payment. The tenant contacted me and said they now have 2 months rents available. This is great, however, my current lease agreement list a $20 late fee. I want to change that to a $75 late fee and include a new rent payment arrangement with 'PayLease.com'. Also, include amount charged for the eviction filing fee of $95. The tenant has agreed, but is this legal to do during the lease term. Also, what kind of paperwork is required to accomplish this task? Thanks in advance for your assistance in this matter.

 I am purchasing a property with a tenant. Is the lease agreement updated at the closing or after the closing

I am closing on a property in Georgia with a tenant. My question is there is a lease agreement stating the owner should pay the  property management company on the current lease but with me as the owner is there a form or a new lease that will need to included at closing?

What do I need to do to change the existing lease to my entity's name?

I contacted the owner about a property that was advertised as vacant. However, when I went to view the property there was an entire family that had just moved in two days prior to me coming to see the property. I was told the previous owner had signed agreement with the tenant for only $650/month. I was very upset and contemplated backing out of the deal, but the owner (who is a private lender) was willing to do an owner finance deal with me. I saw this as a benefits due to this  gives me the opportunity to earn passive income without the debt showing on my credit. Terms of the loan with the lender/seller:

Sale price: 45,000

15% down at 9.85% amortized over 30 years.

My question is: Can I update the lease agreement the tenant has with the previous owner?

In my opinion,  the home needs to be demolished. A new home will take at minimum 45k.