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Tax Sales: Bhm Land Bank 12/7/2018

The Birmingham Land Bank sells tax sale properties owned by the state for 5 or more years. Buyers receive clean, insurable title with no redemption rights. The cost is currently $3,500 per property, but I've heard it is going up to $5,000. They will begin accepting purchase applications again on January 1, 2019. Click HERE for their website, which includes FAQ, forms, and an interactive map of properties available for purchase.

Landlords: Partial Payments  12/7/2018

Landlords can accept partial payments after default, but they should always have a separate agreement signed AFTER the default. It will say the landlord is accepting a partial payment and, in return, the tenant will pay the balance by a certain date. Until then, then 7 day notice of default will be "paused." If the tenant does not pay, then the clock will start up again, and will not have to start all over. For the statute, see Alabama Code Section 35-9A-424

Flippers: Out of State Buyers   12/7/2018

BHM and HVL are prime rental property areas for investors all over US, easily found on BiggerPockets.com They want to know your numbers are solid. Disclose details of your market research regarding rental rates and vacancy rates. They also want to know you have experienced property management lined up for them, so be sure to do your research in that area, also. If the investor is paying for rehab, they want firm quotes for all work, line items for permitting, insurance, waste disposal, etc., and evidence contractors are licensed and insured.