All Forum Posts by: Wendy Busa

This may be a newbie stupid question, I located a property that I want to analyze to wholesale. It is in a small town, so there are not any rehabbed properties to see what an ARV would be. All homes sold in the last 6 months where sold in the same condition as this property. I like the location because the town is only 40 minutes from 2 major cities.

According to Redfin market insights, the median price per square foot is $140, should I base my ARV on that?

Thank you.

I live in Wisconsin, but I am thinking about purchasing a single family home in Crestview Florida as a rental property. I am concerned about maintenance costs or any other issues  that Florida may have that we do not have here in Wisconsin. Should I add in monthly pest control and if so, is that based on per sq foot of living space? Any other considerations for purchasing in Florida? Sink holes?

I appreciate any input. Thank you.

I have found an abandoned property, I have located the owner, she is an elderly lady that lives out of state. Since, of course I am not going to trespass on the property, I have no idea of how bad the home is. To figure a MAO, I need to see the inside of the property.

How do I get legal permission to gain access to the property?

Can I ask her to put something in writing? I am not sure she does text messages and I am pretty sure she would not be signing any online emailed document that I could draw up. 

What is the best way to work with an out of state, elderly owner?

Thank you.

I am confused about when to make and offer and the inspection process.

I have heard, read that wholesalers are making offers, putting properties under contract right from the first phone call with the homeowner. Is this the norm? Being brand new to real estate investing, I am not skilled at figuring ARV quickly, also, I am very concerned about what if the property has asbestos, mold, foundation issues? Does the inspection contingency cover that?

Let's say you have an assignable contract with contingencies, and you have a 10 day inspection period, do I hire a contractor or a home inspector or both? 

I see the need for both of them, but that can get costly if there is a major issue and I need to back out of the contract.

Thank you.

Wow that is invaluable information. Thank you. Sorry to hear about your house.

Newbie, looking to purchase a single family home near Navarre Florida for a long term rental, buy & hold for cash flow.

I do not live in florida, so I am looking for advice on things I should be wary of before buying, like paying for pest control ( we do not have Palmentto bugs in the midwest, but we make up for it with big mosquitos), sink holes, mold...

Any things I should take into consideration before buying in the sunshine state. By the way, this is inland, so I do not have to worry too much about flooding or hurricanes.

Thanks!

I am new to investing, so I am when I find a potential property I use the Bigger pockets rental analysis calculator. Trying to find 2/3 unit multifamily that cash flows. When I put in my numbers for vacancy, maintenance and capital expenditures and then I use the 50% rule, my numbers are way off of the 50% rule. 

For example, I am near Madison Wisconsin, I am using Vacancy of 4.5%, maintenance 10% and cap ex at 8%. I know you can only estimate and that every property will be different, but If I am concerned that if my calculations are wrong, I may wind up with a property that costs me money and I can not afford that.  

My question, is it best to stick with using the 50% rule? If that is the case, will I ever find a on market property that cash flows?

2nd question, does anyone know of a group of investors that get together just to get practice on running numbers? I would love to be part of that group.

Thank you.

Thanks for all the great advice. 

Newbie question, I finally have found a rental property that looks to cash flow, the owner inherited it but wants nothing to do with it. Perfect, but upon setting up an appointment to see it with my realtor buyer agent, she found out that the tenants, not the owner, do not want any showings. So, they are getting an attorney involved. Red flag?

There are not any pictures of the inside. I have heard of investors getting a property under contract without seeing ti first. I guess the thought is that with inspection contingency, if it is not structurally sound, then you have an out.

My concern, it is a 3 unit, so what if the tenants need new appliances or something that is not covered by the contingency and I have only budgeted for 5% for maintenance and 5% for capital expenditures, will I be getting myself into a financial pit?


Is this a sign that I should run the other way or is it an opportunity to help the seller by offering to purchase with out seeing it, which makes me extremely nervous, particularly since this would be my first ever property purchase?

I truly appreciate any insight.

I live in Wisconsin. I had some bandit signs made. I have tried to read and interpret the laws concerning using bandit signs and the only thing I can tell for sure, is of course, you can not put them on the highways.

Can anyone explain if and where it is legal in Wisconsin, Dane county to put bandit signs?

Thanks.