All Forum Posts by: John Meurer

I want to list a 6 unit located in the inner city of Milwaukee.  Prefer realtors that focus on the inner city, rather than the north or south sides of the city.

I own a six unit and seven unit in the inner city of Milwaukee.  I do not live in WI.  Considering changing property management companies. Would like recommendations. 

I want to sell my duplex and offer owner financing.  

Location Milwaukee, WI

Where I need feedback is...

1.  If I sell the property and the buyer occupies one of the units.  Do I need an RMLO (Dodd-Frank)?

2.  If I sell to an investor that will rent out both units (not reside in the property), than no RMLO is needed, correct?

3. I want to protect both myself and the buyer.  I need recommendations on the process when we agree to the sale price.  (i.e.: get a real estate attorney to draft the promissory note and mortgage, close at a local title company, etc.

4.  I want to collect property tax and insurance each month from the buyer to ensure these items are getting paid.  Can I do this?  Do I need to use a special account to hold these funds (escrow)?

5.  This property is owned by a single member LLC I created.  Can I write up the contracts with the LLC as the seller or is it better to sell in my personal name?

Thanks for your feedback.

Acquire 25 units.

I agree with Jeff's comments.  I have been to two of their free seminars and paid $500 for a three day seminar.  It was time well spent and I learned a lot, but I didn't see the value in their $30k+ training.  All that info can be obtained through forums like this and building relationships with other successful investors.

http://www.summitlds.com/

I used Foremost Insurance

@Julie Fishman

I own a few residential rentals and today walked through a 5000 sq/ft mixed use commercial building.  

Has 3 tenants.  All the tenants have been in the building for at least 3+ years and are now month to month.

It needs a new roof (25k-30k). The current owner has deferred maintenance so it may need additional repairs after an inspection.

I would like to use my self directed IRA and get a commercial loan. I called my credit union and they only do commercial loans for a million or more. This property will sell for less than half that.

What recommendations would you have for getting financing?