All Forum Posts by: Scott Schultz

Anyone purchased a Habitat home at the Sheriff Sale? or do they generally bid it up to get a new qualified buyer in, any idea if the deed restrictions (if any) get extinguished with the Sheriffs deed? there is one coming up in my wheelhouse, havent seen this before, and I have been tracking them since 2006, hope someone knows something about how they roll.

NO!!!! Please tell me you havent put it in yet!!!  Laminate is the WORST Product on the planet!!!! honestly, I would install carpet instead of laminate if that were my only 2 choices. the problem with laminate regardless of price is that it is made of essentially compacted fine wood fiber, like cardboard, and the edges are not sealed, because of this, generally on the butt end, any small amount of moisture will cause it to swell. I have seen this in countless houses over the years, including my own, we purchased a builder spec that came with laminate in the kitchen, it started to swell in the first year. My recommendation is Traffic Master Allure same brand different product, its a Vinyl Plank that is waterproof. Good Luck

Flipping is not an easy game, especially now as numbers are tightening from increased investor interest, Eau Claire/Chippewa Falls Market is good, also look at Rice Lake, That town has a lot going for it in my opinion, Step 1 Secure financing, and establish a target purchase and exit range, Step 2 Learn your market, and know every distressed property in it, Step 3 make your acquisition, and if you did your home work correctly a few months later you will be marketing the rehabbed property for sale.   Good Luck Im closing my 20th flip next month, dont hesitate to reach out. 

First off in WI a seller is required to complete either a Real Estate Condition Report, or a Sellers refusal to complete a condition report. its the Law in WI enforcement can be tricky though. does your offer have an inspection contingency? as well as a financing and appraisal contingency stating an FHA mortgage? as well as the sellers right to repair? if so you are protected assuming the seller agrees to make needed repairs when they are brought to their attention, and done so withing the timeframes laid out. the FHA Appraiser will provide the needed repairs, NOT a home inspector, but you can circumvent some issues, by covering the basics, like no holes in any wall, ceiling, or flooring larger than a quarter, no broken windows, no peeling paint, a minimum of 5 years life left on the roof, all utilities on ect. if the issues do exist, a FHA 203K loan may be the proper way to go. Personally I dont like FHA loans, too many hoops and higher interest. but if you have no money it is an option.

Im in Northern WI and we never install carpet, Luxury Vinyl Plank, and Tile. it doesnt get trashed like carpet, and is pet friendly.  tenants love it too!  we use Traffic Master Allure from Home Depot, and Easy Click from Menards

We have 14 rentals in Northern WI as in most places if you are in a city the taxes are higher, and some municipalities require rental registration/inspections I have heard, Oh and the Joke of a program that is "Rental Weatherization" that generally is not enforced, other than that, its pretty easy to be a landlord/property owner in WI especially with a good manager in place! 

Managers Need to be licensed, to negotiate on behalf of the landlord, there are a few way to structure a management company, traditionally there is a managing broker, but the company I use has a Brokerage agreement, with a broker for the license requirement, as a Broker myself, I reviewed the agreement, and find it adequate, however you may want to check with the Licensing board for guidance on this. Good Luck!

the plan seems good, i would be cautious how you approach it, and if you really dont want the vacancy, i may be inclined to work with them on it and take payments, either way, you will need to pay the bill, now or with interest on your taxes generally 1.5% per month.  my manager bills this stuff back and adds a fee if they make payments, like $5/mo admin fee. just a suggestion. 

You need to bill your tenant, my PM would, so you do as well, if they buck it, point it out in the lease, and if they refuse, you need to evict for breach of the lease. 

continue with the eviction, and dont accept the security deposit as rent payment, i would be surprised if you had to per your lease. regardless, situations like this is why I hire a PM, they have ways of persuasion, and dont take any flack, do what you can within the law to get them out as fast as possible, and go after them for any losses. Good Luck