All Forum Posts by: Cody Neumann

@Scott Pillsbury

If you had the financing contingency in your offer you should be able to get all of it if not most of it back. I would consult an attorney about it.

@Matthew Gill

Welcome to BiggerPockets! I am also in Wisconsin and would be happy to connect sometime!

@Adithya Y.

I have a lot of those in my area.

Make sure you look at the electrical to make sure it’s not knob and tube as well as the breaker panel.

Look at the foundation for major cracks

Look at the condition of the roof

Look to make sure the windows aren’t cracked and if they stay open when you open them.

Etc.

If you are looking to purchase on the MLS or off market and you aren't sure specifically what to look for I would recommend you get an inspector in there to check it out.

Having one walk through with you can really help you in the future to know what to look for when walking through a house.

@Kyle Keller

If you are looking to get into flipping in particular I would recommend the book on flipping houses by Jay Scott.

@Ally Lewis

Are there any apartments in nearby cities that you can go off of or sfh?

I would use the closest as possible and determine interest by putting it out there.

In my market SFH rent for more and a lot easier than multi units.

@Deanne Bourne

The book on managing rental properties by Brandon Turner is great for starting out and making good decisions as a landlord! I highly recommend it.

@Harry Standafer

For the 50’s you typically don’t have to have knob and tube but still sometimes have the ungrounded wires.

Look for foundation. Sometimes the block foundations can be caving in depending on the area.

Look for cracks in the walls. Sometimes plaster sometimes drywall. Hairline cracks typically aren’t a huge issue but anything bigger I’d look closer into it.

Look at the cast iron pipes in the basement. They will sometimes rust at the joints.

Check the windows to see if they are cracked or they actually stay open and don’t fall down.

@Mitchell Bell

If the carpet isn’t nasty and stained/can cover stains clean it up. As for the swing set I would definitely take it down.

@Matthew Sipes

Practice makes perfect. It will depend on the market you are in as far as costs go. Also will depend if you are using a GC or not.

@Kendra Elise O'Berry

This is just a reference and won’t be the same in every market. You can still find good deals that are above 1%. You should get used to fully analyzing deals to know if it is worth it or not.

This shouldn’t be ground for going to a different market.