All Forum Posts by: Mike Higgins

Greetings Wisconsin folks!  Happy to connect and be a resource for you. I’m in Appleton and work that market and Green Bay.  Have been for 6 years 

@Mike Nelson first off i am an agent in Green bay and have good relationships with a lot of the agents in the area so if you have more conversational type questions and want to chat let me know and I will help best I can.

With regard to all of this stuff, I always tell my clients we are looking for "defects"  or "safety hazards in the property.  Other things like outlet covers and older furnaces etc, that can be seen from the showings and should not be an issue for the buyer.  The electrical could be a decent one because it would lead to the buyer not being able to insure the property and of course without insurance, they cant get financing.  So that one I can understand them asking for.  Same with the fire rated door.  Thats safety. 

As the seller, your uncle can either offer to fix the things, or maybe there is a number that the buyer would be happy with lowering the price.  I would suggest that he ask how the buyer would like to  proceed.  Often times the buyers are not reasonable and think these fixes are far more expensive than they actually are, so he may be better off just fixing them.  Everything is negotiable at all times.

If he needs references for reliable contractors to fix some stuff, let me know and I can point him in the right direction

@Oscar Flores, short answer is yes, absolutely.  In fact if you plan to work with a real estate investor, it may be beneficial for you to not have your license as there are some instances where having a license actually hinders some of the things an investor can do.

@Ben Limberg, my first thought is that the sloping has to be coming from somewhere.  Sloping is a symptom, not the condition.  Whatever the condition is, is whats causing the sloping. I recently had this done in a house that had just a crawl space and there were multiple floor joists snapped and had to go in with jacks and jack it up to close to normal and then the floor was less "sloped".  At that point, my flooring guy was able to build up the floor in the corners and float the LVP over and it was WAY better.

Do you have a full foundation or a slab, or a crawl?  Message me some pictures and I will gladly take a look 

@Ty Upshaw check out this article all about the brrrr.  Also have you checked out @David Greenes book?  Its step by step and a very easy read.

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@Dexter Harris, I just recently started taking a class to get my commercial real estate designation and one of the things I got with my payment for the class was a pretty awesome excel sheet "calculator" that helps me figure that all out.  

I have had multiple requests on sending it to folks and I have no problem doing so (assuming I get permission since its not mine, but i did pay for it), I could share with you as well if you want.  I was also thinking about doing a zoom call because its a pretty intense calculator to use and shows future values, internal rates of returns, cash on cash, etc.  

Let me know if it would help

@Sarah Lorenz I didn’t know that. Good info!

@My Nguyen I can email it to you if you send me your email. It’s not something I built. It came from a class I took and it’s intricate to use. I’d be happy to share

@Ehsan Rishat great stuff!

@Kp Singh I’m possibly doing that exact thing right now. I really take each property on an individual basis. For the property I’m talking about i planned to just flip it but after looking into it more, it’s in an announced “opportunity zone” with the city I’m in so the next few years they are focused on building that area up.

Now my idea is to finish the rehab and then refinance it and pull all my money back out (typicall brrrr) and then put a renter or rent to own person in it and hope for appreciation down the road.

If you have a deal you wanna talk through let me know. Always available to chat!