All Forum Posts by: Scott Schultz

I had been an REO Listing Broker for 10 years, a majority of REO, wil not allow "and or Assigns" on the contract, or ant type of assignment, even to another entity the buyer may own. as far as negotiating, some do some dont, and some will at certain times and then wont at others, lots of variables, as for a source for "flips" and rentals, if the numbers meet your needs by all means, and if you need to finance, REO's may be your best option, the best deals are cash deals,, I would say since i became a cash buyer, i have been able to save 10-15% because it opens new markets up, things others cant buy due to the risk, like Sheriff Sales, Occupied sales, and "Cash Only" Deals. Good Luck!

Also you dont find those deals on MLS, and are not retail buys. you gota look for the needle in the haystack, they are there, you just have to look hard everyday.

2% is kinda my floor unless the appreciation is big, all in at $40K with $800/rent  Look to smaller Rural towns many have strong employment, but the people cant save or have bad credit, so they cant buy, they are not war zones, just hard working folks trying to get along, and willing to rent for 30-40% higher than buying cuz they cant qualify for a mortgage.  allot of folks in my area spend 40-50% of their income on rent, but could buy with 25-30% of their income. 

@Robert Seehafer  You could add me to your buyer list, if you like, I'm in Rhinelander, and buy in Oneida, Vilas, Price, Lincoln, Langlade, Shawano, and Marathon Counties.  

the best "low ball" offers are All Cash no contingency, buyer takes care of everything. thats the best way to roll. 

maybe @Lakeem Allen can Help, He is in that market

if its late on the 2nd, I call or text, if they dont have it or dont have a plan, they get a 5 Day that day, I suggest Printing your 5 Day on Bright colored Paper in Bold Print, Tape it to the front door, so it can be seen from the street. Take a Photo of the notice on the door (dont bother knocking just post it) and text or email it to them,  then there is no question that you did it, and everyone in the area will see what it is.  I know its kinda a D!@K Move, but you need to get their attention.  

@Shawn Ackerman I forgot to add that it is generally customary for a buyer to be responsible for this, i have been party to 600+ deals and have never seen a seller be responsible, but most of my deals have been listing REO's i think i have seen a few offers where the buyer has asked, but its always been countered, also if you sell the property within a year, you just sell your stip, so you dont need to do anything, I got schooled with a flip I had for more than a year.

@Shawn Ackerman  this is a State Program aimed at minimum rental safety and weatherization standards, if it is not in the program, and is non owner occupied and not a second home, it must comply within a year, if its not in the program you will pay a $55 fee for a "stip" at closing, you will need to get the property compliant, I.E. hand rails, 2 pains of glass on all windows, ability for heat source to maintain 65 degrees, ect then you need to hire a DILHR inspector to certify the property is compliant and get the paperwork in with the "Green Sticker" once the property is done it is good for life regardless if it falls into disrepair. also if its on the database, dont let the title company charge you for a stip, show them its in the program, it will save you the $55.  and for the purpose of this issue @Civic Xyooj is incorrect, this has nothing to do with a city inspection, unless they are a DILHR inspector, but that may be a conflict of interest coming from a City employee. Just read up on the website i supplied, and you will be fine.  You will probably get post cards in the mail, when you get about 9 months out from closing, if you have not yet complied, from inspectors wanting to do your inspection, state law dictates a max fee they can charge, i think its $250, but in mot sure, Last one i did, the inspector never even inspected my property, she just filed the paper work and collected $200.  Good Luck

It should say Rental Weatherization look the property up here http://dsps.wi.gov/Programs/Industry-Services/Indu...

if its on the list you need not do anything, if it is not, you will need a Stipulation, cost is $55 at closing, and you have a Year to comply, look at the DSPS website to see what you need to do to comply, your gona spend a few hundred bucks to get the inspection done, but its a one time thing. or do what most do and deal with it when you sell the property, I havent seen a DILHR cop yet. but im not advising anything.