All Forum Posts by: Scott Schultz

The other part to the discounted rate, my PM will run the discount til March, and have the Lease expire April 1st so say they move i  January 1st the lease will be for 3 months, this puts us in position to have a spring renewal so if a tenant does move we will easily have a month for any work that needs to be completed and marketing time and still be in spring, it allows the tenant to "test drive the unit, and avoids the more than 12 month lease rule changes. 

With a good manager its not a problem, many self managers struggle with this, but both of my managers never have a problem filling my units in winter, my manager up north (oneida lincoln and langlade counties) do sometimes run a winter move in discount, like $25% off rent till March 1st or something, but they usually dont start that till mid January. Down here in FDL and Washington Co we dont have any issue and do not discount 

Yes many small banks will do that on the commercial side, I don’t recommend I though on non full amortized loans, you have rate and value risk at renewal time. Secondary market you will need 25% down or more depending.  But like @Jeff Cichocki said it’s much easier to do a refi at that using equity from a good buy or value add

Are you looking in the Medford area?  I own in Merrill, Antigo, Rhinelander and a few other area, as well as down here where I live now. If you need a Great Property Manager, I have one for you based in Wausau, ABC does a great job for me.

@Amy S. Did you file the Writ already?  Generally after sale you are "entitled" to a Writ, but generally you dont file and execute one unless you absolutely need it. 

If the guy does no honor the Cash for keys, (I hope you put it in writing and that the property is to be left in broom swept condition without damage or personal belongings left behind) you will need to execute the Writ, the nice thing about a Sheriff Sale Writ, is there is no time limit written into it, it is literally good for months possibly longer, we were going to use it for a owner that became a tenant, and didnt want to leave about 5 months later, we didnt have to use it, but the sheriff was ok with it being 5+ months since it was issued. 

My advice, if he holds over, I would contact the sheriffs office for directions on what you need to do, in my home county, they need a deposit of $1000 per bedroom for the moving company before they execute the Writ, I dont know of any other county that does this, but Washington County does. Good Luck, Hope it goes smooth. 

@Jeff Cichocki Fantastic detailed explanation, your comments above leads me to a discussion on one of the Wholesaling FB Group discussions a few weeks back, about getting paid on a contract. Many think they dont get paid till closing, and often that is how it will work out, BUT that can be setting a standard that may cross a line as well, I never liked the term Assignment Fee, because you are not really getting a fee, but selling the rights to a contract that is assignable to another person. say you assign to another for $5000, that is not a fee, its the price agreed to for the sales contract for the property, and lets say the properties sales contract is set to close October 29th but you sold the contract to someone else on October 1st and all the conditions of the assignment are met, the buyer should pay you for the contract and you are done (subject to the language of your assignment contract) then the assignee basically goes to closing in your place. I see it if you as the wholesaler goes to closing, you may be considered as brokering, if the assignment contract is contingent on the successful closing of real estate, it may be construed as a commission and brokering. these are details the Gurus dont explain.  Please be safe and ethical out there.

Welcome to WI, first thing, Wholesaling is not investing, its not even selling houses, its selling contracts, if you think you are selling or investing in real estate as a wholesaler you are breaking the law if you are not licensed. 

Is there a market, yes, is it saturated, yes, thats where we are in the cycle.  I dont wholesale, but I am a landlord and flipper that does +/- 5 deals a year, I am also a Broker, a Licensed HVAC and General Contractor, I buy properties with my Cash, so if you come across a great deal (not  marginal deal) let me know.  Good Luck!

Foreclosure.com data is garbage, most of the listings are far out dated, the service brings little to no value. your best bet is to follow the sheriff sales in the counties you want to invest in, also follow the filings in CCAP, most properties dont even make it to MLS anymore, they often get sold at Sheriff Sale, if not the majority are on the auction websites for a few months before listing in MLS. I paid Foreclosure.com for advertising as an REO Broker back in the crash, I got full access to their data sets, and really felt sorry for all the people that paid money to subscribe, I did get leads, but that to was hardly worth it, most of the leads, the buyers didnt have any money or credit to buy.