All Forum Posts by: Sam Erickson

@Dan C. yeah just call whatever title company you want and just tell them that no agents are involved. They will then just work with you and the other party to get the info they need rather then calling the agents. To start with they will want a copy of the accepted offer to work off of.

As far as the lien search and taxes, taxes yeah I think the city website is your best option. For a lien search the title company should preform that. If you wanted to do some of the leg work on your own as well I think you may be able to go down to the city and preform one, might cost a little money.

Dan,

After you make the offer and its accepted, in my experience it proceeds like any other deal minus the agents.

Are you trying to get around using a title company for the closing as well? I have only done a couple off market deals myself but I still hired a title company to take care of all the closing paperwork for me. I've always felt for the hassle it saves me by having them coordinate everything it's worth the price.

Bought my first SF rental when I was 19. Bought in the town where I was going to college. Got lucky with being able to use my home town bank where my family had history and was able to purchase it for almost nothing down.

Then rent from that place not only paid for the property but also my rent at the local hawkbowl (studio apartment at local bowling alley). Was able to live rent free until I got married and moved out of town.

Fellow Milwaukee area rehabbers I have a client that is looking for a rehabbed house in the Wauwatosa or downtown area. 

The wife is an interior designer and is open to a house not finished if it means she can pick out finishes to her taste. You might be able to have your house sold before your even done.

They are looking for 3+ bedrooms, 1.5+bath. Size is not really a concern.  The top of the budget is $375,000.

They are open to finished places as well so if you have a place your looking to list soon that meets the criteria let me know before you sign the listing contract.  I may be able to save you half the commission otherwise paid if we can put a deal together .

Just to Expand on Josh's answer if your in a NNN lease your payment is usually broken down into 2 amount. The first being your "base rent" this will most likely be a per sq ft amount that is the going market rate.

The other charge will be "additional rent" also called " CAM charges" (comman area maintenance).  This will be property specific and will be your share of the expense laid out by Josh above. Your share will be determined by the amount of space you rent in relation to the overall building size.  The landlord should not make a profit on these charges and the account should be reconciled at the end of each year based on actual charges. At the end of the year you may have to pay in more if they under estimated or if they over estimates you will get a credit.

Sam

like @Kyle J. said if your using a bank they are going to want reserves.  I would leverage as much as I can minus the reserves required by the bank.

Awesome that the deal is still going through! 

I have no experience with zillow when it comes to the rentals listed. However I will say they are terrible when it comes to their numbers for property for sale.

I listed a home for sale and periodically checked zillow. I listed on the market for about 2 months before it closed. In that time zillow never had it listed for sale. Not only that they still have it listed as "last sold" being the time I bought which is now 8 months ago.

Need a new inspector. Unlikely the buyers will pay for this and it's going to cost you thousands. 

Most structural engineers will say that any thing 3/4 inch or more displacement will need to be braced. Some go even as far as 5/8 inch.  I haven't met one inspector in Wisconsin that doesn't go right to the basement walls and put a level on it. The fact that yours  didn't is very concerning.

PM and I can supply you a inspector I use as well as a couple differnt foundation companies you can call for pricing.

What does the amendment to the offer say in regards to who can brace the walls? I also know the company in Milwaukee that makes and sells all the braces to the foundation guys.   They will sell directly to homeoweners. You could do the bracing your self if your capable or can get a foundation guy to cut you a deal if you supply the braces.

@Brandon Hall

@Bill Gulley

Great answers guys and was much more along the lines I was looking for when I posed the question. Follow up question for both of you:

Brandon I totaly understand were your coming from in regards to being blamed. However wouldn't that make you not want to give advice on the matter? I suppose though any advice you give comes with a disclaimer?

Bill I also understand your point about Hathaway. However if you looked at the title for all the property they own I don't believe you would find Hathaway listed.  I think your right they don't open up an individual one for each property but I do believe they have different operating entities that own groups of properties. 

I worked for a large management company here in Milwaukee a while back and not one complex we managed was owned by an individual. We had individuals that owned multiple property but they had a separate LLC for each one. None of them where as big as Hathaway like you stated though.

I also worked with a REIT out of Madison and that's exactly how they did. Every complex they owned was its own entity. Usually something like 123 main st. LLC. They all had their own bank accounts their own set of books etc.