All Forum Posts by: Scott Schultz

when is the contract closing date? sounds like you are trying to close early due to the rate lock. would the 15% discrepency prevent you from closing? how did you discover the discrepecy ? did the property appraise at or above your contract price? Does the MLS listing note the source of the stated square footage? ofthen there is language in the listing someplace to verify the information provided.

I have one but Im all in WI I work with The Dietrich Agency in Fond Du Lac WI, Check with Tracey Templin, She also has really great rates for rentals. 

Im not playing in SW WI, but i do in Northern WI, you really need to know your market and numbers, compas are tougher to understand, but I do well im my markets, the majority of my portfolio is either rural, or in towns below 15K people. if you have a good team and a PM that operates at a high level, those markets can be gold, but its not for everyone, its not easy, but generally there is little competition and high demand

@Michael B. population of 70K is quite big in most of WI other than Milwaukee, Green Bay, Madison and Appleton, there are not many cities north of 50K populations. 

the key is to buy with enough upside after repaired to get all your money back and enough equity to weather a correction. you will be seeking a small locallender that will hold in house, or on the commercial side, but with that the terms are usually 3, or 5 years generally. this puts you at a rate and equity  risk if the market tanks when the refi is required. just plan for it and you will be ok. Some small banks can still do loans if you have assets great credit, but not so verifiable income. Depends how they quantify the Dodd Frank "ability to repay"  knock on a lot of doors, you will get a lot of no's but you only need 1 yes

I dont know for sure but have heard this discussed on podcasts, and there is a massive difference between the US and anyplace else in the world. from what I have heard, there are not the same remidies for default like we have in the US, and property ownership is done quite differently. should be interesting to hear what those in the know contribue here. 

probably should be $100-200/door depending on trim work

in general if the gas co says they need to run new lines the first 60 feet is free and usually so muchh per 

foot there after if the ground is not frozen

I am a Wisconsin Broker that only invests. but I didnt start out investing, I started out selling for banks. right now you need to work under a broker as a sales person for 2 years before you can sit for your brokers exam and go on your own. I would recommend getting your license and selling for a while, work with investors, so you can learn on their dime, follow their projects, and if you build a solid relationship, you can build off what they have already built. there is a lot of expense being an agent, so your deals would have to be worth it,  but a couple commissions, generally will cover your costs. Selling will also teach you the contracts, lingo, and contacts you will want to have anyway. good luck 

The tough part is the 1031. to buy great deal it take time waiting in the wings to strike. as far as financing I would work on relationships with small banks in the markets you want to invest in, probably on the commercial side of things, many wont like that you live out of the state you want to own in. so you will need to knock on a lot of doors.  Speaking for myself, I could do way better just taking the cash, paying the tax and buying great deals over time, than having to jump through the 1031 hoops, figure out the difference of paying the tax vs cost to defer, you may be surprised how much the 1031 will cost if you are buying several properties. also dont know how Cali works, but the tax rate may be lower depending how long you have owned/lived in the condo, and how you file taxes for it.  

Be sure you check the local regulations regarding what you can rent out in what zoning for what time frames, there are restrictions in Vilas and Oneida counties and possibly others, recent state law changes have forced changes to local ordinances, but there are special requirements either in the works or already in place, for the most part in Oneida county you can not rent a property in residential zoning for less than 7 consecutive days unless you have appropriate licensing from the county. this may also be the case in Vilas, prior to state law change it was 30 days, this was to protect resort owners and near by property owners from an owner that wants to run a VRBO weekend packages and have people loud and obnoxious at their lake house all summer. Oneida county was working on a special permit even for weekly rental, that skirted the state law. so please know what is required. if you do some research you will find the people that have just done VRBO and others without proper permitting have been sued  and have paid huge fines. Be educated on this before you venture in.