All Forum Posts by: Sue Loomans

K. Marie: Thanks for these tips. I had a conversation with my attorney this afternoon and passed along some of the considerations I received here on BP. He seemed familiar with what needed to be done to comply with Wisconsin law, and I feel better now letting a pro handle this vs. something DIY.

I'm eager to learn more about the process and legal requirements for donated property, so this should be a good opportunity for that.

I will be happy to share how things turn out.

Thanks so much for all of the information in these replies. It gives me a better foundation for conversations with my attorney.

To fill in some of the gaps: the estate is in a Trust. One of the children of the deceased parents who owned the house is the Trustee.

We've had some "free" offers of houses in the past. All fell into the NEFF category. This is the only one that seems worth pursuing. But since we've only executed purchases in the past, how to handle a donation is new territory.

Hi all, My company has been offered a house for free from an estate. We're a social enterprise type of company, so the family felt good about donating vs. selling. The home needs about $15k of mostly cosmetic work, and the ARV should be around $45k.

The donor is planning to quit claim the deed to us, but I was wondering what other due diligence makes sense beyond ensuring a clear title?

Thanks for your advice

Thanks, VIncent. I'll proceed cautiously, and speak to an attorney to make sure I'm not stepping into potential legal problems

A real estate professional has approached me claiming that he has lined up several people who are interested in investing in my company. We acquire and rehab distressed properties primarily to hold as rentals.

If any of these investors work out, I'm wondering how the realtor should be compensated? I'd like to have an understanding of this upfront, and wonder if anyone has encountered a similar situation.

What might be typical compensation for bringing a $50k or $100k investment?

Thanks for the advice, Dave. I'll definitely give future security of this property careful consideration.

On a positive note: The HUD house is not in a particularly bad neighborhood. Sadly, we've seen these types of ripoffs occurring in even the nicest areas around Milwauakee. These thieves must have their craft down to a science

Thanks so much for the great information, Mike!

The cost of repair/restoration should be less than 5% of the purchase price.

The offer was made online through the HUD system, and the contract will be presented to me tomorrow for signature. They're HUD forms, not Wisconsin

We passed along the info to the listing agent tonight. He mentioned the possibility of a $500 or so credit at closing, but no promises. Seems the final decision may be up to HUD

Made an offer on a HUD house in Milwaukee yesterday and it was accepted today. Went to see it again this evening and noticed that the AC compressor has been stolen along with interior copper. It was all intact yesterday, and I have a photo of the compressor. The rear door of the house, though locked, is poorly secured.

Has anyone had a similar experience? Is it possible to receive a discount? I'm expected to sign paperwork tomorrow. Thanks!

Hi, I'm Sue Loomans from Milwaukee. My husband and I have been reading for a while and attended the BP conference in Denver. I realized we never introduced ourselves...

We own and rent 2 SF and a duplex in the Milwaukee area, but only recently started to think of REI as a potential career. Our SFs were personal residences we had before we got married last year, and the duplex was purchased in 2010. None are good models for real estate investing, so we're hoping to make some better deals-- maybe with REOs?

I don't have much experience in REI, although I used to run a green building non-profit organization. I'm an Air Force veteran, and I'm rounding up a crew of vets to work with me on the rehab and property management.

BP has been great resource, and I'm looking forward to ramping up my participation