All Forum Posts by: Nicholas Vandervelde

Hi Pete,

I'm a fellow investor and Commercial Lender at 1st National Bank in Waunakee.  We have structured deals like what you are proposing in the past.  Please feel free to send me a personal message if you would like to discuss further.

Best 

Hello Hussain,

I'm a investor and commercial lender in Madison with 1st National Bank in Waunakee. We don't do FHA loans at our Bank but I would recommend Joe Long at Waterstone Mortgage. He is also an investor and very knowledgeable about the FHA programs.

We do finance investment properties on our commercial side of the bank. We typically look for 20% down on 3 to 5 year balloon notes. Where we differentiate ourselves from other banks is by accepting owner financing at part of the 20% down payment. We also allow you to finance your properties in an LLC instead of personally. If you every would like to chat more, please feel free to send me a personal message.

I'm looking for an investor friendly real estate agent specializing in Sheboygan County, WI. I would like to tour some HUD homes this weekend so I'm looking for someone who is experienced in submitting offers through HUD. I have closed two deals in the last 6 months and would like to continue to add properties to my portfolio over the next couple years. I would appreciate any referrals.

This article was too good not to share about a local Madison, WI slum lord.  Its safe to say guys like this give real estate investors a bad name.  Enjoy!  

http://host.madison.com/ct/news/local/writers/bryna-godar/city-plans-to-file-public-nuisance-motion-against-landlord-ray/article_c0227fbb-c501-5918-8893-f5e7388604fa.html

As other commentators have suggested, the SBA 7a or 504 loan programs are great for businesses looking to purchase owner occupied real estate.  Generally, for existing businesses, the down payment requirement is only 10% but you must occupy at least 51% of the rental space to qualify. 

I live in Madison but invest outside the city.  In Madison it is very challenging to meet the 1% rule because of high prices and high taxes but its still possible in some areas.  Southwest Madison and Fitchburg may be the place to start looking.  The benefits of Madison are vacancy rates well below 3% and increasing rents do to low levels of unemployment.  Madison continues to build new high end housing.  There is definitely a shortage of affordable rentals in this city.   

I'm hoping someone can shed some light on a very frustrating problem I'm encountering with Homepath properties in Madison, WI.

I'm looking to purchase, as an owner occupier, a single family home in Madison, WI. I recently found a perfect little house on Homepath in a A neighborhood. Homepath posted the asking price yesterday at $210,000 under Firstlook. The problem is the FMV for this property is nowhere near $210,000! Looking at comps with my realtor, the FMV is much closer to $160,000 - $170,000. This is the not first time this has happened. It seems every Homepath home I look at is over priced by at least 20-30%.

I understand Homepath eliminated its financing program, so I don't understand their logic in pricing homes far above what a property would appraise at.  An owner occupier like myself wouldn't qualify for conventional bank mortgage because an appraisal won't support the purchase price.  I was under the impression the Firstlook program was designed to get owner occupiers into affordable homes.  This is obviously not what is going on here.  Can someone please share some insight or strategies into buying Homepath homes at actual fair market value.

Clay epic thread!  Seriously you are one determined dude.  I'm exploring my first 203K and this has helped immensely.   

Hello All,

I'm purchasing my first duplex in Sheboygan Wisconsin.  Could someone please recommend a local insurance company serving Wisconsin?  Much appreciated! 

Thanks Peter for the suggestion.  My Realtor recommended Thom McCue.  Anyone had experience with him?