All Forum Posts by: Scott Schultz

I have always and will continue to use Mastercraft doors from Menards, Steel Pre Hung doors start at about $100 no window and about $150 with a window, and storms about the same, replacing the ext doors and installing storms shouldnt be more than 600 for both openings, so like @Marcus Auerbach said you should easily be able to have the job done at or below $1500

I have been considering if i can do without my 2008 Tundra, but the thought of replacing it makes me ill, I can buy a house for what even a base model 5.7L 4X4 costs but i have a 7X14 enclosed job trailer and a 7X14, 14,000 dump trailer, so i have to be able to tow, I was considering a full size van, but none of the newer ones are rated for towing very much, must are only 6,000 lb. I have rented equipment like skid steers and mini excavators and prefer the towing capacity. I could get by with something smaller and rent what i need, but i dont know I would be happy, I can replace my Tundra (like for like but new) for about $28K, but man thats a $750-800/mo rental. 

We require proof of renters insurance, one of my property managers even uses a forced placed insurance if the tenant allows theirs to lapse. The reasoning I require it is because we allow pets, and if the tenants animal causes someone else harm the property owner could be on the hook, the renters insurance helps curb this, we have the tenant name the breed, name,  sex, weight, of the animal (s) on the policy  

there is no official form per say because the practice is in a gray area of the law, Consult an Attorney to be sure you are within the law or at least their interpenetration of the law.  Just know if you never intend to close if you cannot find a buyer for your contract,  wholesaling is in fact marketing for compensation under WI law and would be considered Brokering, If you are licensed thats fine, but if you are not, you would be breaking the law.

A legit assistance animal is not a pet, it is an assistive  like a wheelchair in the eyes of Fair housing, Each state does have the right to limited regulation in this area, in WI we can now require documentation form a WI licensed professional, where previously an online Quack could sign off, there are also situations where you can deny, if the animal could cause a problem or pose a health risk for other tenants. be careful on this one and know the law. seek advice from a licensed professional. 

What a Broker is in Wisconsin: 

(2)“Broker" means any person not excluded by sub. (3), who does any of the following:

(a) For another person, and for commission, money, or other thing of value, negotiates or offers or attempts to negotiate, whether directly or indirectly, a sale, exchange, purchase, or rental of, or the granting or acceptance of an option to sell, exchange, purchase, or rent, an interest or estate in real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property.

(b) Is engaged wholly or in part in the business of selling or exchanging interests or estates in real estate or businesses, including businesses' goodwill, inventory, or fixtures, whether or not the business includes real property, to the extent that a pattern of sales or exchanges is established, whether or not the person owns the real estate or businesses. Five sales or exchanges in one year or 10 sales or exchanges in 5 years is presumptive evidence of a pattern of sales or exchanges.

(bm) For another person, and for commission, money, or other thing of value shows real estate or a business or its inventory or fixtures, whether or not the business includes real property, except that this paragraph does not include showing a property that is offered exclusively for rent.

(c) For another person, and for commission, money, or other thing of value, promotes the sale, exchange, purchase, option, rental, or leasing of real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property. This paragraph does not apply to a person who only publishes or disseminates verbatim information provided by another person.

(d) Issues a written report of property value that is prepared for another person and that is not an appraisal, as defined in s. 458.01 (1).

https://docs.legis.wisconsin.gov/statutes/statutes/452

you will need a WI LLC if thats where the property is, and resident agent services, and depending on the municipality a "local" contact person, for asset protection, it may not hurt to consult Rich Dad adviser Garrett Sutton's team, from what I understand, Wyoming, Nevada, and Delaware offer the best protections.

depends on location, in a city they should be within .5 mi, in a suburb 1 mile and rural  5 miles but unique properties can be stretched further, I have done thousands of BPO's for banks, the rules were 3 listed and 3 solds, within 20% speck and similar condition, and make appropriate adjustments for differences, there is more art than science to it. Understanding market conditions is key, and getting to know the little things that have huge value influences, now if you have a cookie cutter home with plenty of sales it pretty easy, but if its an oddball with little market activity, it can be kind of a crap shoot, go with your gut and be conservative on the numbers, its way better to be off on the low side than way over valuing. good luck!