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News for Real Estate Investors and Landlords

Flipping - Bedrooms

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Products Tax Sales You must take exclusive and continuous possession or file ejectment within 3 years after tax deed, or risk losing property back to owner with NO payment!  See Tax Sale Pages FLIPS Adding a bedroom adds value. IBC requires 70 square feet for a bedroom, and an emergency exit (such as window) to outside. Appraisers need to see a closet.  Can you find space for another bedroom?  Of course! See Flipper Pages RENTALS Many judges now require that 7-day default notice specifically tell tenants it is for 7 BUSINESS days.  Don't do it right, and they will throw...

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Landlords - Default Notices

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Residential Tenant Default Notices: On June 1, 2018, the law changed regarding tenant default notices. Previously, only seven calendar days' notice was required. After, it became seven business days. The statute contains no requirement that the notice itself say it is seven business days rather than seven days, without explanation. Despite that, many judges around the state are throwing out eviction lawsuits because the notice did not specifically say cure could be accomplished within seven business days.  Are they right? Who knows.  Do you want to be the test case and pays tens of thousands of dollars in legal fees...

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Tax Sales - Pulling Permits

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TAX SALES AND REPAIRS: If you make repairs to a tax sale property with a residential structure, make sure you are familiar with local building codes and pull permits for any repairs requiring them.  Not all repairs need permits. Know the difference! Redeeming parties are successfully arguing that un-permitted work has no value at all, and in fact constitutes "waste" because it will all have to be removed and re-done.  Tax sale investors who commit waste are liable for the reduction in value of the property. Please don't take shortcuts!

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