Any wisconsin investors?

Question

I inherited rental properties from my mother in a hot area, only issue is I know not how to deal with bank. I am not familiar with taking out loc to build based on future sales I could pay off within 2 years...income would be huge. Any tips? Im so unfamiliar with how things work with banks, loc, etc. Other option is to sell outright to someone now who is offering to buy.

Corina Eufinger · Answer

Elixabeth, send me a DM. Let's chat!

Basit Siddiqi · Answer

@Elixabeth CourtThe first thing you need to do is educate yourself.How much are the properties worth?Don't take any offer from anyone until you know how much the property is worth.It may be worth it to spend $500 to get an appraisal on the property so you know how much it is worth.Unfortunately, in your post, you appear not an expert in real estate and mentioning wanting to sell. You likely will get a lot of people sending you messages wanting to buy your properties for less than it is worth.Sell it for top dollar(if possible) or keep it.

Jordan Mandel · Answer

Minocqua! Such a beautiful area. Went to camp there as a kid!

I'm interested in purchasing in the area and would love to chat as well. Always thrilled to partner or collaborate if anyone else following this discussion is open to that.

Hope you had a great weekend.

Marcus Auerbach · Answer

If you own the rental properties free and clear (no loan against them) you can just approach a couple local banks and ask them about refinance - meaning getting a loan against the properties. The bank will give you a check for abou 70% of the value of the properties. The nice thing about this is that you do not have to pay taxes on the money you receive from the bank. You can then go ahead and do with the money as you please, for example build a new house.

It's fine to tell them you don't know how this works and ask them to explain. Some use this as a trick, they know how it works and ask the bank to explain it anyway.

If you sell the properties you will have to pay tax on the money you make (ask your CPA how much).

I am a little bit concerned that you have not been involved in the management of the properties. If this is the case, you should hire a Property Manangement company to do that for you!

Elixabeth Court · Answer

Minocqua Area.

Brock Mogensen · Answer

I live and invest in the Milwaukee area.  Happy to provide some insight!

Eric Meinnert · Answer

Hi Elizabeth,

What area are your newly aquired properties? I think you'll find people on this forum willing and able to help you, whether your desire is to learn how to do it on your own or to sell in the future. In order to help, can you provide some more details on your situation and what you're hoping to accomplish, or options that you're exploring.

Eric

Any wisconsin investors?

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