All Forum Posts by: Bill Schultz

Very good points. Thanks! It could be years before anyone builds. I guess I can write the letter to get some communication going but I wont dwell on it now. I cant justify 35k for it now.

I live on an acre lot. It backs up to another lot thats nicely wooded, also about an acre. When I built, the seller was not marketing the lots at all and seemingly wouldnt anytime soon. Well now he is. Its listed at $35,000. The thought of someone building right behind me makes my skin crawl. I couldnt pay near that much though. I was actually gonna send the owner a letter (he is old and out of town) and ask him to consider us if he ever needed to sell it. Well right before I write the letter, a local agent puts up the sign with the remaining lots. Is there anything I could offer this guy that might work? Just throwing ideas out, but maybe a long-term lease with option, an long term option, land contract, ???? And I dont know how the agent plays in it now either. I certainly cant pay $35,000 to add an acre to my property as it would probably only increase the worth of my property slightly but I just cant stand the thought of losing the privacy.

Hey Guys

I understand the frustration when looking at multifamilys like this. Where I am, this sounds exactly like the kind of property you would find. Probably around 120k, needs some significant repairs, rent similar. The usually go for around $105-$115k. Its gets frustrating because they just dont go around here for $60k or even $80 or $90. Oh and where I live the taxes would be at least $3,000 a year. I really think real estate can be tough depending on where you live.

Bill

I studied creative real estate investing years ago but havent looked at it in a long time. I am thinking of doing some marketing for sub2 sellers. I dont have too many forms, but I figured if I found one of these deals, I could hand it over to my attorney to make sure its done right. Any thoughts on this? I dont want to jump and make a mistake. I have studied this before but its been many years.

Thanks everyone. I dont see a big bounceback here anytime soon, but stuff is selling faster than it has in a while. I dont mind sending some direct mail, but like I said I had horrible luck at this in the past. It could have been my mindset then, I dont know. We have about 30-40 foreclosures started in my city each month, would that be a good place to start?

As far as marketing to landlords, I think thats a good idea, I just need to find a way to find that information. And lists seem to be really outdated in my area, a small area in Wisconsin.

I will keep checking the mls but even new listings have dried up. And there simply is not enough inventory around hear to be making 100 offers.

I am getting frustrated with finding property. I put in 6 offers in the last month, within an hour I am being asked for my highest and best offer. I guess I wasnt close on any of them even though 2 were full price. Its a smaller city I live in and there are not many I am interested in. I am primarily looking for single family rentals. I am thinking of trying creative techniques. I did some of this years ago but failed miserably. Is this a good time to send out some postcards again or should I keep checking the mls every few hours and finding nothing??

My bank sent me an escrow check for taxes last week and I deposited it. Went to the mail yesterday and another check for the same amount. I know they will figure it out but should I deposit it and use it in the meantime?

Some of the first posts in this thread seem to be down on wholesaling. From what others post, $7,000 on a flip doesnt seem to be that out of whack. Maybe the 90 minute part. Is wholesaling in this market dead?

I have been really getting hit hard with replacement costs. I just bought a property for $30,000. In the past my agent would write up the replacement cost for say $75,000 or something. Now the insurance company comes out and looks at the property and gives you a replacement cost and wont go any lower. Guess what the cost is on this house? $209,000!! premium more than doubled. My agent said just be happy they arent going back to your other properties.

The problem I have is trying to shop around. Nobody just wants a property or two. They want everything. Places like statefarm and allstate will only quote with your autos or home and it gets complicated. ANyone know of anyboby insuring just your rental?

There are many good deals on HUD homes in my area now. However financing has been hard to come by. Provided you dont have cash, how are you buying HUD homes or REO homes in general?