All Forum Posts by: Justin Schaefer

I share these with realtors.  I want them on the same page as me.  My suggestion would be to get a different one if you don't trust them.

That's a real good looking building!  I love old buildings with lots of character like this one.  Congratulations!

Hi everyone, newbie here. So I'm working on a commercial multifamily building in a really hot market in SE Wisconsin right now. It needs work in order to fetch full market rent, and I'm wrapping it for a great price as far as cash flow goes so long as I can keep the expenses down. Here's the thing though, I'm going to need to either get an equity partner or come up with some way to get a loan or another creative idea to kick the current tenants out and fully rehab the property. But there really aren't any comps that I've been able to find, to tell me what it's actually worth, and what the ARV is. The current appraisal pretty old. I'm just not clear yet on if asking for a new appraisal right now is a good idea or not. I've got to get this price as far in my favor as I can possibly get it right now, and.... well can I even hire a private appraiser anymore without using the county tax appraiser and risking my taxes going up? If I can get a private appraisal does anyone besides me automatically get copies of it? If I didn't make sense here, please let me know, and any advice is greatly appreciated.

 If your in the area, and might want partner with me on this or other projects, please do let me know.  I think once everything is figured out here, this property is going to cash flow really well.  I've got a really motivated seller.  Thank you!

@Swat Khan That post ROCKS!  I love your thinking, and you gave me some great ideas right there.  I'm working on an 8 unit right now, and I just might be able to use your strategies here to  put it together.  Thank you!

So with those kinds of numbers it sounds like it's going to cash flow pretty well, and you want to keep it.? So why not go take out a loan or line of credit right now and set it aside until you need it. If you don't need it just pay it back early if it's a loan or close it if it's a line of credit. If you get something with low monthly payments it won't hurt that bad and you've still got a cash flowing property at a great price. If you can't do the separate loan on your own, maybe then go to the owners and say look I want to make this work, but septic thing is just killing the whole deal, so lend me the money to fix it and I'll pay you back each month over time with interest. Not only do you get the property sold, you get some longer term income off of helping me buy it, plus you'll still have a silent interest in the property on paper so if i ever stop paying for any reason, you just foreclose me out and you've got the property to secure your loan to me. You could also tell them something similar but have then take you to the bank and get the money that way. If they want to get rid of it bad enough they'll bite. I hope this helps!

@Charles Henning age is only a number that is completely devoid of any meaning whatsoever​ except for the meaning that you give it. I've never seen another loving creature with an expiration tag printed on them. The fact is that you have as much time as you want. "Disability" also has no meaning at all except for what each individual gives it. That being said, you clearly have a burning desire, you took a great deal of time to think it through and carefully worded your question. Having a burning desire is the first step in getting what you want! Keep going! Keep asking questions. This is a great place to get the answers you want and need!

Hi @Thomas Culkin , I'd probably just do it online. There's tons of sites out there, and it's usually pretty cheap to do the coursework online too.

Originally posted by @Mark Brechtl:

Is this new multi-fam?

 No, although I'm eyeing up another one that would need a new small multi on it.

Hi everyone, I'm working on a commercial apartment deal in Southeastern Wisconsin right now, and I am in need of a good inspector and an investor friendly contractor with reasonable rates, reasonably reliable quotes, and high quality work.  I'll need the to come out to Western Racine County.  Could someone please supply me with some names and contact info ASAP?  Thank you!  I immensely appreciate it!

@Andrew Michaud When you say dying town are you meaning like a mining town where the mine went out of business and the town simply has nothing else to offer, or is there a chance that this town could come back in the coming years?