All Forum Posts by: Scott Schultz

Based on you description I'm assuming this is a class B property, It would make me nervous buying this close to retail ant what appears to be nearing the top of a market cycle. Regardless, is the property in a stand alone LLC? Could you possibly buy the entity and assume the loan? Just a thought, the twist get transactional financing and refi using equity as part of your DP, good luck!

Originally posted by @Chad Nagel:

@Scott Schultz

 i just looked the one im watching now has a reserve of $97,320  it will sit, when i can buy it for $1,000-$1,500 an acre i will buy it, but not until then

In WI there is no duty to disclose, as it is not a physical defect to the property, I have been watching one in my area for some time now, and buyers have been scarce, the issue is it is stigmatized, even though you are not required to disclose in WI, everyone knowns, and someone will tell the next occupant, that may be a problem. id say unless the deal is so good you cant pass up, leave it alone.

from what you describe $50-$100 per time is probably about right, I just got a guy for a SFR in Merrill for $25-30 depending on how much we get, but its just a small section of sidewalk and a standard driveway, same price for a different guy on a property in Antigo. so I would say your on par.

the biggest thing I see is most people dont know how to find deals, I saw this a lot when i was an active broker. An Investor would come to me, and want me to find them deals and just hand it to them on a silver platter, sorry, it doesnt work that way, contrary to popular belief most MLS Deals are not deals at all. I compare what I have purchased this year to what has sold in MLS, mine are WAY better, its about knowing every distressed property in your market, and moving on them when the opportunity arises, dont hesitate, act! dont drag your feet, and close.

our market is pretty steady, we never see spikes, even through the crash, we maybe lost 20% from the top of the market. that being said, its not common to sell a house quick either, so a 150 DOM is pretty standard, even if you are priced right. 

I have purchased houses as cheap as $6,000 you cant judge by price alone, i have seen plenty of $100K junk, and $40K nice properties. you have to look at every property individually and understand what you are looking at. 

I think most peoples Property taxes went up in the State this year. Mine in the country in Oneida County went up almost $200 with the same assessed value, the mil rate went up. I have about half of my bills for my properties so far, and looks like they all went up so far.

@Anthony Navarro Good Luck what ever you decide, I get the client base deal, but I can tell you, you can earn a living anyplace if your smart. if I had to go back and do work for others, I could kill it just about anyplace, and im just an idiot, with a tech school diploma. 

   I have been to your town last year, crazy cost of living, I remember looking at Realtor.com app, and saying how the hell does a retail worker not live in a cardboard box here.  my wife is a Pharmacist, and even at double her pay it would be tough to survive out there. Here, you can do pretty good on $50-60K a year, and we do way better, so consider what i suggested, i can get between 2-3% on my rental deals, and can make $20-$50K on a flip, yea our winter is long and cold, but we have little crime, and everyone pretty much knows each other, we have clear water lakes, and vast forests. oh and houses are cheap if you know how to buy them. Good Luck!

if you want to house hack, I would suggest moving to an area that rent to value allows for 2% or better for a while, cost of living is lower there too, and its fun to explore new palaces. besides the tax benefits of almost anyplace other than CA are huge. my rule is never leverage more than 60% LTV (after repaired) this allows a 20% market correction buffer and still keep 20% equity for conventional secondary market if you ever need to refi. you create this with a GREAT deal. for example I buy SFR's only, I like my all In after repairs to be $35K with a value of $70K and never borrow more than $42K. just my plan hope this helps.