All Forum Posts by: Scott Schultz

@Joe Ebanks if you dont know what to look for at the ROD office, you really need a title company to look it over for you, usually you can get a letter report for $75-100, and they can do it in a matter of an hour or less if they have time, generally I can get a title company to do it for free, knowing they will get the policy later, but that relationship doesnt happen over night. Knowing your states process, is also key, as well as lien positions, in my state, a firs position lien, with all others brought in, a Sheriffs Deed essentially provides Virgin Title, but each states laws are different. good luck and be careful

how is the park set up? many have 1 or 2 huge systems for the whole park, sanitary permits are controlled by the county, and you need to have the systems evaluated by a septic person, you can get prior records from the county, also state law requires the systems are inspected every 3 years, and reported to the county. 

Depending on the soil, and if they can hook on to the existing drain field,just a tank replacement can run as little as $2500, but im pretty sure Sheboygan county will not issue a sanitary permit with out a soil eval, $450-600, much of Sheboygan county has a mix of gravel and rock, with some strips of clay, I know of many people that have old systems that last forever, but if they have to replace them, they would not be allowed to install a conventional system to replace it. the best would be to extend the inspection period, and ask the seller to allow an installer to do a soil test and a real estimate. the cost could be $3K or $20K depending on what is needed, the rules are much different than when the old system was installed.

You would drastically limit the potential tenants you could lease to, Not sure what Illinois law says, but in WI is a property owner restricts firearms at their property , they take on the responsibility of security of the patrons, so if an assailant forcibly raped a tenant at the building,  and was unable to protect themselves due to a firearm restriction, the property owner may have liability. I would prefer to rent to legal gun owners, they have been background checked, and are known to be good citizens, especially in communist Illinois where you FOID card background check is more in depth than pentagon security clearance.

Nice looking flip. and congrats, what was the major cost? that is a huge rehab cost, you could have tore it down and built new for $120K in my area.  in my opinion that is a slim profit, very little room for error, but if you are fine with it, good.  The hours put in, 35 from you getting the Keys? how many hours did you put in to find the deal, how many did you look at, make offers on ect. the average is look at 100 online dig deep on 20, view 10, and buy 1, those hours are not free, but need to be calculated to determine you dollars per hour, everyone over looks that. Im curious to compare, what were the loan terms? I borrow the same way, you do, and have been told I'm full of $h!t, because the terms are so good. people dont even talk to the commercial lender at the bank, so they dont understand. 

@Kim Meredith Hampton you statement is not true, on a Real Estate contract in WI 5 days is 5 days, the WRA Attorneys argue "what are Business Days?"  today people do business every day, and there is no statute that describes "Business Days" it may be different in FL, But Wisconsin, if you state 5 Business Days it is considered ambiguous albeit commonly accepted as Monday through Friday, it cannot be binding as such.  @Arnie Guida 

With the law changes recently, you must work under a broker for 2 years before you can sit for your brokers test, so it would be in your best interest, to practice as an agent, in a bigger office, and get as much selling experience as possible, do tons of BPO's even though they pay crap, but they will teach you about valuation, and they will get your eyes on up coming foreclosures, sometimes before they even file. I went all in, full time from day one, but my income did not contribute to our budget anyway. also be prepared for costs, I think to join NAR, WRA, and RANW (local board and MLS) cost me around $1,500 then $50/mo for MLS plus my Supra E-Key lease, so its not cheap, I belong to a different board today, costs me about $700 annual, plus $43/mo for MLS. to be my own broker. Good Luck.

Depending on what your intent is, some of the big offices do a training program and "sponsor" someone through taking the test, and then they have training that pretains to actual practice, the pre license training and tests are 90% law, and have nothing to do with practicing as an agent.   just something to look into, not sure the cost, but to have coaches there would be a big help. I have been licensed since 2006 broker since 2007 there is a lot to learn when you first start. Good Luck. 

No way in hell would I roll that much money for that little profit, I can make $35K on a $70K deal some times, with those big numbers, there was not much room for error. pretty risky if you ask me. and to those calculating percentages, I have yet to see anyone buy dinner or a new pair of shoes with percentages, it takes dollars period.