All Forum Posts by: Leah A.

Hi there. Looking for a realtor to sell a "fixer-upper", maybe more than a fixer-upper, in Jefferson county Wisconsin. Anyone out there have experience with selling a home that needs a lot of work? It's a nice sized lot in the heart of the downtown of a small town, commercially and residentially zoned. Thanks in advance.

Does anyone know what happens when a house is condemned when the owner holds a mortgage on it? I read that the government (village in this case) takes ownership and pays fair market value to the owner. Is that still accurate when there is a mortgage? Or is it worse and the tear down cost would be tacked onto the owner's property tax bill? Appreciate any insight. 

My husband and I have a goal of making our first deal in 2024. I have been reading and researching and listening to podcasts to gain as much knowledge as I can for months. My husband owns a plumbing, electrical, and carpentry business, and is a master plumber himself. He believes our first project should be a new build (which he would do himself/with his company) to sell. We would then reinvest the profit into the next deal. We already own two new houses that my husband built; one we live in and the other family lives in. We have a good relationship with our bank as they gave us the two mortgages, but we don’t have the income to support a third loan. We are not making money on the second home so we are planning on our first deal being funded by having a colleague co-sign on a construction loan and we would then pay him a percentage of the loan amount (not sale amount) when the house sells. We live near a college town, and I believe we would benefit from buying a multi-unit for midterm rentals there as our second deal. My husband is very knowledgeable in building and has run the numbers, but I am curious if experienced investors could point out the downsides to a new build being our first project. Thank you!

Yes, Southeastern Wisconsin 

Hi Kevin,

Thanks for your response. You are correct; I made an assumption that we wouldn't be able to sell through a realtor based on the factors against us. There is also the emotional aspect that makes us want to avoid certain things, like townies walking through just because they are nosey. But it sounds like we'll have to swallow our pride and take your advice and contact a few real estate agencies.

I'm just starting my journey into real estate investing and truly appreciate your advice and knowledge.

I'm looking into alternative ways to sell a rundown house for my parents. The house is no longer occupied and needs work. It is a large, old Victorian in a small, rural town. We had a couple "we buy ugly houses" type companies come in and offer less than even the lot itself is worth. I know there is cost to tear down, but feel that even though the house needs work it is more valuable than the offers. There is a mortgage so that also adds to the amount desired, though my inexperienced self still feels it would sell for a pretty penny once fixed up. Is this a situation where we (as sellers) would reach out to a wholesaler? Or if those big companies don't want it, is that an indication that no investor would want it? Perhaps sellers do not contact wholesalers at all? Thanks in advance for any input.