All Forum Posts by: Lucas Wagner

are you looking for a small percentage down?  25% down is pretty clear cut, but if you're looking to put down something like 3-5% without owner/occupying then it gets more interesting.  I have heard rumored that if it's a homepath loan you can shop around and possibly find a lender willing to look at it for investment purposes, but I don't have first-hand experience with that.

The beauty also is that you can still take a loan out for the ring and use the cash flow to pay for it, then when it's paid off you have the cash flow AND the ring.  

Yes, I had a law firm do one for me.  You do have to sign a form and have it notarized though, but that can be done via mail.

Hi Andy,

you are spot on with the QC idea...i've done it here in Madison to transfer from personal ownership to LLC. Here's a link to the form you need...you can fill it in right on the web site and print it off. There may be some value to searching what a sample one would look like.

http://www.wi.ctic.com/uploadedfiles/wisconsin.ctic.com_quitclaimdeed.pdf

I am mostly disturbed with the unethical or possibly illegal action of not disclosing serious rent delinquencies as a seller.  Any thoughts or experience with that?

So I recently purchased a duplex in Wisconsin.  The seller did not disclose that one of the tenants had owed money for several months and had a signed 'Eviction Stipulation' that basically said if they didn't pay the balance, they'd be evicted the day after the closing.  The stipulation was signed by all parties and dated 2 weeks prior to closing.

This basically put me in a position where I had to either work it out with the tenant on my first full day of ownership or move right into eviction.

Two items worth noting:

1) I received a full month's worth of security deposit for the unit at closing.

2) The tenant dropped off a full rent payment for this month right away so they don't owe me any money for this month.

Has this happened to anyone?  Is it worth pursuing or should I just eat it and move on?

no problem.

when i started looking to invest i was going to track down SFH's as well, but I ultimately found better cash flow in the duplexes. I'd love to chat to see what you're seeing for SFH's though. Let me know if you're on the west side of town ever.

Hi Doug,

I invest in duplexes in Madison, WI and I am seeing a handful of 1%+ deals on the west side of town...they're not all that common, but there are few there.  I haven't done a lot of research for the east side and i know that downtown is pretty much a non-starter.  I'd recommend taking a look on the west side (53711, 53717, 53719 zip codes).  I work with a realtor over here that has a pretty good handle on it as well.

Sure, in Madison I would look at the west side of town, that's where I've had the most luck finding leads.  Having a local realtor hunt down specific properties for you may be a good idea.  PM me if you'd like the name of the one I used, he's very good.