All Forum Posts by: Account Closed

@Christina McIntosh Did you resell the property immediately after purchasing at auction? As is? How did that play out for you? Thanks!

Investment Info:

Single-family residence wholesale investment in Mazomanie.

Purchased with goal of selling to an investor. Will require complete gut down to studs. Located in Mazomanie, 35 minutes west of downtown Madison, WI.

What made you interested in investing in this type of deal?

I've been seeking all types of real estate deals. Particularly interested in this deal to make a quick sale.

How did you find this deal and how did you negotiate it?

Found this deal on an online auction site.

How did you finance this deal?

Cash.

What was the outcome?

I'm posting my listing everywhere I can at the moment. Will update once I make a sale! Fingers crossed.

Lessons learned? Challenges?

I purchased this home prior to seeing the inside. Always check it out, even through the windows if possible. I knew the property would be bad, but didn't realize it would be flood-damage bad! It makes me only a little bit nervous.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Andrea Lindemann with Century 21. As a friend and real estate agent, she's always so happy to help with 100% of your questions, whether she's in the deal or not. She truly loves real estate.

@David Venancio After 11 months in, how's the management going for that zip? I'm also interested in properties in the 53206 location and searching for a PM. Thanks!

Hi there BP,

Any recommendations on financing a triplex? Is it difficult for a first time buyer? Not looking to live in the unit. It makes great rent and I have the down payment and reserves, just a little worried about financing as I don't have the experience as a landlord and it's a triplex.

Hey BP friends,

Are there any investor-friendly real estate agents near or in Watertown, WI?

@Marcus Auerbach Are there any vacant homes for sale they're interested in? Anything that's been on the market for a while? I too was desperate for a home, willing to close in two weeks, baby due at the end of the month and sublease ending, but no one would budge in a hot market! Found a home over budget, but offered low and asked to move in right away (before closing) for an extra $1,000 up front - they accepted. Practically our dream house, but it worked out. Best of luck to them.

Hi Jeff! Did you ever create the LLC? I'm in the process of creating one as it is needed for my lender, but not sure which permits I should select. Any thoughts?

If you've had employment history for the last two years, try an FHA loan for duplex near the UW campus and live there while renting it out to other classmates. You can live in it until you graduate (while renting out the other unit and rooms in your unit), sell it when you're done, or move and continue to rent it out since you technically only have to live in it for a year.