All Forum Posts by: Scott Schultz

will the construction require access to the upper unit? if not, let it ride. or figure out what its worth to you, Start at $500-$1000 to get them to move, also if they are a decent tenant, let them know this is a good time for them to move. your other option is you can just do the rehab around them and they will have to pay the new rent value if they want to stay. or put them up in motel during the rehab. i mean give them the option to stay during construction. all depends what its worth to you. 

@Kevin Porter I am a Broker what does being an agent have to do with managing? unless you are doing it for others. Congrats on your tenant, hope it works out well for you. I gave up self managing after my 3rd unit, I want to be an investor, if I want to manage I would start a management company. with all the things I have seen over the years, I am so happy I have professional managers on my team. 

I totally agree with @Account Closed this is way more work than it sounds like, Is this a rental or a flip?  first and formost have you taken care of the exterior water issues? drainage, gutters, downspouts, and any trees pushing on the foundation?  I did wall braces in a block foundation this past summer, and 90% of the water intrusion was remedied by cleaning the gutters, adding long downspout extensions, and removing a tree. the remainder I drilled holes in the bottom of the bock in the problem areas, let it drain for a few days, got it all clean and dry and installed an interior gutter that drains to the sump pit that I ordered from Waterproof.com  

On a different property, I did not have a sump pit, and had a water issue in on spot, do i installed a sump pit, cut a trench and installed tile with a cap and sock for about 4 feet as well as drilled holes in the bottom of the crock, the pump never runs, but that was enough to relive the pressure, and I havent had water since, if the water does come up, the pump will kick on and get rid of the water. 

Regardless what you decide, the project yu propose is a huge undertaking, and WAY more more work than you think. probably 2-3 weeks straight for 1 guy and massive physical labor, rental of a jack hammer, and concrete saw, ect, I recommend getting more bids before you jump in yourself.  

There is a fairly recent thread about this, a WI Attorney had a great post about just this. 

@Jamie Labrec as long as the person managing has interest in the properties, they do not need a license, if they do not however they are managing for others and need a Brokers license. 

Real Estate News for Investors with Kathy Fetkey, (podcast) 

@Jacob Lamar What types of auctions are you asking about? Sheriffs Auctions, online Auctions, In person auctions, there are many formats, and different seller types, I have purchased just about every real estate auction type in WIsconsin, using both cash and financing, and yes I have used financing to buy Sheriffs Auctions. Please be more specific so I can better help you out.

I buy most of my materials at Menards and Home Depot, and flooring sometimes from Lumber Liquidators, but recently discovered Floor & Decor, so I may check them out.

Windows generally Jeld Wen, reasonable quality, decent price, Great Customer service, and made here in WI

Mastercraft doors, Ideal/Clopy garage doors

Conco Paint, (its Sherwin Williams Packaged for Menards, and cheaper than the Sherwin store can sell you the same paint for) Same colors for every unit, makes touch up easy, never need to find a code. 

Castlebrook Shingles

Abtco vinyl siding, in-stock colors with white trim and corners (can always just pick up a piece if one gets cracked.) 

Kwikset Locks

Flooring I use LVP, generally a click type  

I replace all brick mold on ext doors with Vinyl, I use solid vinyl for exterior window sils, and trims when rotten. we replace ceiling fans with just lights (less to fail, and less to get hurt on) 

we use combo Smoke and CO detectors, so there is only one device for each location they are installed instead of 2

kitchen cabinets, whoever has the best sale, and if you want soft close, add it on, dont buy them already on the cabinets, WAY CHEAPER. 

we generally swap water heaters to electric with stainless flex hook up lines for easy and cheap replacement down the road. 

also we often replace furnace and A/C or add A/C (im licensed so for me its pretty cheap) if the systems are older

this thread contains language from the Wisconsin License Law, posted by an Attorney in Wisconsin. https://www.biggerpockets.com/forums/93/topics/655393-legality-of-wisconsin-wholesaling

Please read this thread https://www.biggerpockets.com/forums/93/topics/655393-legality-of-wisconsin-wholesaling