All Forum Posts by: Red Smith

Sheriff Sales are conducted by counties, so each county will have its own individual rule set for how the auction is conducted. But all interpret their own states foreclosure laws. Philadelphia County uses ********** to sell their foreclosures.
A deposit on that site is required to bid. You'll need to have 10%  thru the sale account by 5pm the day of the win, and will have to pay the remainder within 15 days of the win.
Good luck, Its a dangerous game. You are walking into a potential situation that can break your heart, break your bank account, or break your will to ever try this again...Maybe if your lucky, all 3
https://phillysheriff.com/property-listing/

 As someone who  operates in the Green Bay market, I can tell you, if you dont have feet on the ground, you are going to get taken. Being from Colorado, (love it!) you might not have as much attention to basement issues in soggy ground,  turn of the century electrical wiring, carpenter ants, wet-rot etc.. Also too note that Green Bay  economics work much slower than the rest the nation, for better and for worse.. Buying today in Green Bay will probably not yield you a 1% return on rental. Be sure you check out median income to figure out if Green Bay works.. Its also nice to have someone that knows the neighborhoods. GL

You will have a large assortment of competitors and partners here in Green Bay. The best advice I could give is to find the price range that isn't as competitive as others and exploit it. The lower end market in Brown county has literally dozens of flippers. The higher the market value, the less competition, but the higher the stakes. Its an effort to flip a 3000 sqft house, takes longer and is more costly,  but the return can be greater than 2 smaller renovations

Sounds like you have made up your mind already because you have actively disengaged with relationships in Milwaukee.
Moving to a rural location isn't going to widen your social circles. Your social circles are dictated by the effort you put into them moreso than your physical location.  Are you expecting to find more like minded people in rural Wisconsin?  I find that surrounding myself with like minded people helps move my goals forward.
You dont have to live in Milwaukee to be a Milwaukee investor, it just makes it easier. I doubt you'll find the investment opprtunities in rural Wisconsin as you have in metro area's, although they will still be there, slower paced and probably more competitive, with less profitability.  No one ever said "Im moving to the country to make more money"... Good luck

@Naomie Moke I sent the link and a freinds req to your facebook profile.

 on Facebook .... /groups/310318745680630/
Thats the facebook group for local investors and services. You might find what you need if you ask around there too

I would hope that their calculators are not final versions but still have room for additional options like PMI, MIP, HELOC Extra Payments, etc

Do you mean the addition of Mortgage Insurance Premium (MIP)? Using the rental calculator assumes that you are buying an investment property. As of 2013 FHA requires any loan with an LTV ratio greater than 90% top have MIP for the term of the loan. it doesn't automatically drop off once you hit 22% equity, you would have to refinance out of an FHA loan to remove the MIP, with this considered, you might find the MIP you pay over the time just isn't viable. I know it doesn't answer your question, but taking this into account, maybe it does.

Look for an "FHA Loan calculator" to give yourself an idea of what MIP will cost you

NJ is a tough market. Have you considered finding another area to farm?   I would at least do these numbers as if you are NOT an owner-occupier, even if you plan on house hacking 

Is your points 2 points or $2?  2 points on a 60k loan would be about $1200? I'd check your average closing cost in your county, should come up on google.  Also, I'd always include a few thousand for paint and flooring. Other than that your deal looks solid