All Forum Posts by: Neil Hauger

Im new but in Wisconsin, I do not think PA's go into escrow in this state.  

I got two different stories from the title company from two different people but as far as I know the check got there on Monday.  It was written to the title company.  My PA says it needed to go to my broker and I was directing them to do so.  The Agent was radio silent for 4 days which got me suspicious.  I think the buyer was backing out, she was afraid to tell me and was trying to save the deal.  

According to the contract Acceptance occurs when all buyers and seller have signed one copy of the offer to purchase.  That was done.  Binding acceptance was to happen by April 23 when a copy of the accepted offer was delivered by mean directed and agreed to.  That was done.  

Again, I am not sure if the check was returned, they said that but when I questioned them on that statement saying they did not have the right to return anything, the subject was changed and they misdirected and the circle talk began.  My suspicion is it is still there.  I will call tomorrow to confirm.  

Boil it all down, I think my seller is entitled to the earnest, they are trying to get me to sign the WB45 Mutual cancellation mutual release.  so then the EM goes back to the buyer.  But, my broker is also wanting me to just let it go.  It doesn't feel right to me as I have obligations to my seller.  IMO

Title company got my purchase agreement which states the Seller broker (my company) will take the EM.  

They got EM from the buyers agent, it was written to the title company.  

I am not getting a real clear picture from the title company but I am under the impression that they gave it back to the agent, or at least want to.  Then, I did get a WB-45 "Cancellation Agreement and Mutual Release".   Buyer agent wants me to get the seller to sign this which will then release the $2000 back to buyer which tells me they still have the check  I was lied to I think.  I think the title company is in bed with this agent she has been around for 18 years.  They want to keep her business.    

So, I suspect the title company has the earnest money written to them.  I am requesting they cut a check to my broker.  They want me to just sign the WB45 mentioned above and just walk away.  My broker is saying just let it go.  Thoughts?

Today I learned a hard lesson. I thought I had a deal done. All cash offer on full asking price. Purchase agreement was signed. Earnest money was to be deposited with my Broker. Instead, the buyers agent said, "its normal here that the title company escrow the earnest money, I will drop it off with XYZ company, they are good".  By the time I got back to her she said she had taken the money to the title company, even though my purchase agreement clearly stated that the Sellers Broker (me) would escrow the check. Fast forward 8 days of calls to the agent and said title company , trying to be calm and work with her, and trying to confirm the check arrived.  No check!   I finally get ahold of the agent today and she said the buyer had walked the property and has now decide he does to want to buy the land! 

BTW, there was no inspection contingency so in my opinion this was trespassing. But I am no lawyer. Next I called the title company as in my opinion, the buyer lost his earnest money right!? I wanted them to cut me a check in the name of my broker and send it over immediately.  Only to find out the buyer agent told the title company the deal fell through and they gave the check back to the agent. So now what do I do? I cannot just make him send me a check??

Lesson learned going forward. Sign purchase agreement and get the check my self at the signing. No relying on any other agents. Now I have to explain this to my seller. Not going to be happy.

I am seeking to have one on one discussions with investors seeking to invest and diversify into land.  Soon I will be representing a very tight niche in Hunting Land and Farm sales.  I hope to bring properties to investors that can be fixed and flipped much like a residential home would be fixed and flipped. /buy and holds are a possibility as well.   From my discussions with the Broker, they are getting some great returns.  I find this an interesting segment opportunity and I would like to dialogue.  Anyone?

Thanks everyone!

So this week I am sitting on my hands waiting for my license to clear the state.  They say 5-10 days.  I had a on going battle over $511 taxes and I ended up paying that just to get things going even though I think the state owes me $9000 in back taxes.  Either way, I am moving forward on the license thing.  

had a call from a tenant last week her furnance was not heating.  I had an emergency tech visit out and he fixed the ignitor as it was not lighting.  Then he showed me the furnace filter.  It was black and had not been changed in who knows how long.  I am sure that had to do with the ignitor.  It had carbon build up on it so I think it was not burning cleanly.  Likely related to the filter not being changed and oxygen starvation.  At least that is what I told my tenant.  I ask them to change these monthly and it is their responsibility to do so.  She is paying me for half the emergency tech visit.  

Lesson:  Set strict rules for your tenants on maintenance  .  Teach them to watch for basic maintenance issues.  Water, Electrical, filters etc.  But call you to handle it.  If they do not do what they are directed, they share in the cost.  I will do that once.  Then I charge them for it.  But, I am always there to offer a personal explaination.  I always call them.  They alsways do not pick up the phone but I try.  I always end the conversation by saying " my job is to provide you a great place to live, take care of issues.  Your job is to let me know when something needs to be fixed and pay rent on time."  A win win.  

She is a great tenant and I hate to do it but I try to run a good business and I need them to be active participants in the maintenance so I can keep a good house for them.   

As far as my RE business goes with Whitetail Properties I ordered for sale signs, flyers, a decal for the side of my truck, bought a camera.  I am ready to begin selling and listing but I am waiting on the state.  I have an opportunity to co market a 4.8 million dollar estate that as soon as I can get my license, I will be posting that at my site at Whitetail Properties.  My next step is to implement my shock and awe marketing plan which includes a 1/2 page ad for 3 weeks followed by a 3x3 ad for three more and mailers to all property owners over 40ac.  I am targeting Chippewa County Wi.  

I'm back.  If I am doing a blog, is this the place to do it or am I replying to myself.  Man I am so clueless!  LOL 

I just returned from my broker training and soon, I will be up and running.  The most frustrating thing so far is the state blocking my license application.  They say I owe them $511 in back taxes from 2010.  My CPA says they owe me $9,900!  Long story but I am being held hostage.  So, today I decided to pay the $511 versus holding up my license.  I figure I can make money by selling a property and earn the $511 bucks back.  Seems to me the state has more to win with me working and creating taxes than holding me hostage for $511.  Its an ongoing battle. 

So I spent the last week in training.  I hope to pass on a few experiences and maybe something I say will help someone who follows me.  This is my real life progress learning this business so I hope it does not bore you.  As I write, I often prioritize and organize myself.  It is almost therapeutic.  My first task as a "Land Specialist" for Whitetail properties is to begin taking on listings.  My broker has given me a plan of attack called "shock and awe"!  Basically it is a play book with six steps to introduce myself to my market here in Western Wisconsin and throughout my social media network.  So, in the next few days I will be writing a letter to go out to my hundreds and hundreds of contacts.  Anyone, and everyone will receive this letter.  It is a bit of a form letter but I plan to personalize it some for the general send out and then make it much more personal for my closest circle of friends.  Part of me thinks this is a bit hokey, but the other side of me says stick to the plan.  So, I will. 

Next is a press release to the local newspaper of the first county I plan to target.  The press release will also be accompanied by a 1/2 page ad.  Then an on going 3x3 in ad there after.  I plan to make this a regular ad as long as it is not to cost prohibitive.  Some of the agents who have been out there in the field have advised against this saying they never got any leads this way.  I question this because I wonder how many weeks or exposures  they paid for?  I know from past experience it takes about 10 exposures for someone to react.  So, often you need to stick with it to see results.  But your pocket book can be the limiting factor.  The WTP company has a great logo and a very strong brand so the recognition should be high I think and hopefully, it will lead to some listings.  Got to get listings. 

About 5 days after the press release and 1/2 page ad my next step is a mailer.  I was told I can go to the county offices and  request a land owner list.  I plan to target any land owner that owns 40 acres or more.  Then, send them a 6x6 professionally made mailer.  These mailers are already designed by the WTP corporate media department.  I just need to provide the addresses in excel format and the print company, Cedar Rapids Printing, will send them out and bill me.  I think it is 9 cents a card but I need to confirm that.  Once these go out I am advised to continue this mailer on a quarterly basis for ever.  More or less.  I am told the mailers are the single best tactic for getting listings. 

More next week, thanks for following and reading.  Any advice, connections, questions will be appreciated.  Good Selling and good investing. 

Hi,

I am re-introducing myself as I have not been active on the BP site although I am an active listener to the podcast.  So, this is my second beginning. 

I joined a bit over a year ago or so and I recently took another step in my RE investing career and obtained my Wisconsin RE sales person license.  I passed the test last week and have joined the team of "Whitetail Properties".  Please look at their web site for more information if you are interested.  I will be focusing on representing buyers and sellers of Farms, Recreational Hunting land and Ranches.  A very "nichey" area of RE that I feel I am well suited to due to my love of all things outdoors, my hobbies of hunting, land management and sales.  I have been a fan of this broker for a few years having followed their TV show on the Outdoor Channel.  The show combines hunting strategy with a profile of a high value property somewhere in the U.S.  Anyway, along with my own purchases in rentals, I hope to one day purchase a farm for hunting and as an investment and wanted to learn more of how this might actually be a good idea.  Or, if it was even possible as far as good investing goes.  My ability to recognize a good investment and find good hunting seems well suited for a career for Whitetail properties.  I hope to post updates to my career as I go.  Right now I am completely overwhelmed with the prospect of getting my career in this field off the ground.  Finding listings, buyers, endless contracts, marketing etc is more than I realized when I started.  But, as I always say, "how hard can in be?  Just take the first step and keep on stepping!"  If there is anyone reading this who has similar interests in farms and land, is looking for a potential property acquisition or is selling or knows someone who is please hit me up and lets get to know each other.  I would love to see a forum about buying and selling land/farms.  Thanks for reading. 

My wife and I purchased from a store called applianceSmart. This may be local to MInneapolis market. Kind of a discount, big box store. Got some scratch and dent specials and once got managers special. So far they are working great and no issues.

Let me say I am suspicious of all sales people. I am one. I know it may not be intentional but when money is involved....

My agent is a great guy and a good friend so I suppose I need to consider this more my issue. The fiduciary responsibilities are same here in wisconsin. But, when people are involved...

Jean, thanks for the reply. I think it is a bit of both. Just frustrating to sit back and let this happen as I am a person that drives my own business and I feel I am forced to turn this portion over to someone else. Have you ever attended, or demanded to attend the meeting where your offer is presented? This is not the norm but is the only way I can see keeping my interests up front. My fix is to get my own license which I am.

I will move on to other properties if need be but to find a property that works has been tough. And I am not interested in buying out of state to find a property.

Good investing!