All Forum Posts by: Wendy Busa

I am new to investing. I understand that usually the seller pays the 6% ish commission, but in this market I hear that is a negitioable point. When I use the investment calculator to determine cash flow, what approximate percentage should I be using for the closing costs? It may vary in different areas of the county, I am in Wisconsin.

Thanks,

Wendy

Hi, sorry, If I am not posting this in the correct forum. Anyone have experience with purchasing a condo for a rental and figuring the cash flow?

I am thinking about investing in a small condo in Wisconsin to use as rental income. I am new to investing, so generally when I am calculating single family homes I include 5% for repair and 5% for capital expenditures, amongst the other expenses. Condo fees $188. 

My question is for an 870' condo, built in 1968, no pool or amenities, is it fair to calculate 5% for maintenance?

I can call the association and see if there are any future capital expenditures, but right now I am just trying to get a figure to see if it would cash flow.

Appreciate any insight.

Understood. Thanks.

So if you’re fortunate enough to win a tax deed auction, but the home is filled with original owners personal property, if you can’t get a hold of them or they do not respond what do you do with all that personal property that does not belong to you?

Thanks,

Wendy 

Thank you.

Hi, I am thinking about purchasing a tax deed in Michigan. If I understand correctly, most liens are wiped out except for the IRS. Is there a way to find out if there is an IRS lien with out paying for a title search?

Thanks.

Wendy

I have located an off market, abandoned property and I am trying to find out specific details about the home so that I can make sure the repair cost that I figure are accurate; In particular, wondering if it is on a septic tank. 

I have looked at the county assessors site and the only info I can find is the acreage. I plan to contact the owner, but she is elderly, so I am not sure how much information she can provide.

Is there any other resources that would show information for a property that is from 1912? 

Thanks.

I'm new to investing and am looking to wholesale a property. I am trying to understand the law concerning marketing your wholesale property. I'm in Wisconsin and according to the law ...

"No – a real estate wholesaler in Wisconsin does not need a real estate license to accomplish their objectives – if their actions do not constitute the activities of a real estate licensee in Wisconsin."

What does this mean? Once I have an assignable contract how do I go about selling/assigning it to a buyer without the acting like a realtor?

How can I legally market the property/contract to a cash buyer?

Thanks.

1st time investor looking to wholesale an off market, abandoned property, owner lives in another state. Trying to figure out the ARV, but since I do not have access to the inside of the property I do not know what it would cost to rehab. Considering the year it was built, the exterior condition, I can only assume it will be a complete rehab. Since, this would be my first purchase, I have contacted a realtor to write the offer and it will include a contingency for a walk thru. I would have to figure there may be asbestos and there is definitely clean up to do. Based on the few comps in the area and working with the 70% rule, do I write an offer based on the worst case scenario?

I am trying to watch videos and am attempting to read a book, but will not have enough info. I truly appreciate any information you can share. Thank you.