All Forum Posts by: Robert Obniski

Hello all,

I am purchasing a property as the Principal, in my name. I am also acting as the buyer agent. 

Per Wisconsin code REEB 24.05  - It states... 

A licensee acting as an agent in a real estate or business opportunity transaction may not accept any fee or compensation related to the transaction from any person, other than the licensee's client, principal firm, or firm the licensee is associated with without prior written consent from all parties to the transaction

I take full responsibility of not knowing this law. It was incompetence. But I'm here now and I have to deal with it.

 Im reaching out to this community for advice in regards to this situation. In our budgeting, we are absolutely (now more than ever) counting on receiving the stated commission. Unfortunately we don't have anything in the contract regarding paying out commission to the buyers side. 

Who here has dealt with this? Or perhaps found a way around it? Or can think of one?

Help me out!

edit: I have reached out to my attorney already. Im asking for different perspectives.

I have a property under contract where the numbers work and its all good etc.

It will stretch my cash reserves if I go through with the deal because looking through the lease agreements 90% of the tenants work in jobs that are closed for 30 days. And it's not like day 31 I get my rent checks either. 

Im in the position I would rather sit on my cash for a few months than deal with the stress and weight of all this going on.

My questions is, Can I legally back out of this contract citing a "Pandemic" "Act of God" or something like that??

Need Help!! 

In the event of backing out - Is there something along the lines of "act of God" that a buyer can claim to safely remove themselves from a deal? 

@Wayne Brooks @Lydia R. @Chad U.

Thanks for the replies everyone. I understand the situation better now. I don't believe it went to auction yet, should I just check the sheriff website for that? 

If you go here -> https://wcca.wicourts.gov/caseDetail.html?caseNo=2019CV000016&countyNo=13&index=0
You will see under the "court records" that the last few records mention the judgment and the 6 month redemption period. 

I understand the process, Im just not positive where in the process they are.

I am purchasing a home that is off-market. We close pretty soon and I just found out that there is a foreclosure judgment on the property. The seller says the sale of the home will take care of that balance.

And I found out there is a large water bill, a $600 special assessment, 2nd mortgage on the property. All of which the title company has accounted for in the preliminary statement. The title company is still waiting on his 1st mortgage payoff info..

I also found out the judgement was entered 6-19-2019 for a "6 month redemption period" 

-My question is, is this all going to go as smoothly as it seems? I have never dealt with a property in this stage of foreclosure and one with a 1st and 2nd mortgage.

Im just trying not to get screwed! Is there anyway the seller could be pulling one on me somehow? Purchasing the property from me then redeeming it himself with the funds? 

Not sure how it all goes! Looking for any help, thanks in advance!

Hello,

  I'm currently putting a plan together that involves me selling my 3 duplexes + 1 condo and using 100% proceeds towards a down payment for a larger 8-16 Unit building. It's definitely more complex than described but that's what I want to hash out. Timeline is as follows...

-Source a "list" from a sites like ListSource.com*
       -Please recommend your favorite source for lists like these!!

-List criteria needs to be properties in a certain area, built after 1978, 4+ units, etc
       -Help me narrow down my list! Ideal property is as follows..
            8-12 Unit, Landlord pays no utilities, garages, minimal lot size, not owned by a big corporation,                        mortgage at least half paid off, Forced air, Etc. 
                        -Are any of the above a "criteria" that can be checked on these sites? What Criteria would you                             add?

-Once the list is obtained, I will attempt to get a phone number to the owners who are not within a 25mile radius and physically door knock the rest.
     -Thoughts on ideal phone conversation? If I need to send a letters, ideas for content in letter? 

-My goal is to get an "off-market" property for roughly $1mil-$1.25mil under contract. Preferably some elderly couple who are ready to let it go. I would explain to them the situation and my plan. They would then allow me to keep their property under contract for 6 Months while I list all my current properties. Im a Realtor so listing is quick and it's 3 duplexes next to each-other in a hot area with great rents and tenants. No problem getting it under contract and closed within 6 months.

-Prior to closing (or when would you suggest?) I will file a 1031 exchange with all the properties. Currently Im in the process of taking all properties out of my personal name and into my LLC.
       -Im refinancing my current properties and during that deal I will have the title switched to the LLC. This is my best course of action correct?

-Closing is completed within the same week for selling all the properties and buying the new property. 
          -Who is helping/holding my money/filing my 1031 exchange paperwork during this time?

-I take ownership of the new property and start improving each unit once the current lease is up. New flooring, paint, fixture, kitchen, etc.  Rehabbed, I max out the rent. This process will be on and off over the first 2 years. I plan to hold for 4-5 years max.

-Year 3 or 4, I start the searching process all over again. Of course it will be fine-tuned and more efficient by that time. With 20%-30% of the note being paid off at this time + appreciation + sweat equity, it's going to be quite the down payment for the next level. 

-All the while, during those on and off times, I will continue to be a agent to my circle, flip in my "farm" and purchase other rentals if they fit the bill. Not to mention the actual income from the rentals during that time. 

To end this, I wanted to acknowledge I can see that some of this stuff might be looked at in the perspective  of "Easier said than done" or " That's Real Estate Investing 101, Rookie" and I want to say both are right, I'm mostly writing this here to get it out of my brain and into writing. I figured if i'm going to write the plan down, might as well ask for any and all opinions. I look forward to reading them! 

Thanks

Hi All,

I have never been a "credit" building type of guy. Through this site and other avenues, I have learned the importance of credit/debt as a tool.

I've always paid in cash and never had a great paper trail to building my credit. I have started improving my credit as of late but im still a "Novice" in the topic.

Recently, I picked up Ramit Sethi's book "I will teach you to be Rich" (Cliche title but you get it) I'm only a couple chapters in but it dawned on me that my upcoming flip has a rehab budget of $60,000. That $60,000 worth of points, cash back, or whatever other perks they offer! 

So I'm reaching out to this community for insight into what type of credit card offers best terms or offers?

Thanks in advance!

@Caleb Heimsoth @Taylor Chiu @Caleb Heimsoth

Yes I figured as much. I will have to go with the minimum amount of $19.99 for the Pro.

How effective do you guys believe the marketplace is? If i recall the feature was just getting up and going on the site. 

Regardless, small price to pay. 

Thank You!

Hello all,

I have been absent from this site for quite some time. It has changed (for the better) tremendously.

I am creating this discussion asking the members to help me locate where is the best place is to let the BiggerPockets community know about my dads property? 

I am a licensed Wisconsin real estate agent but I am not the listing agent. Not sure if this is important but i thought I would mention. 

So please people, point me in the right direction!

Thanks

I am hoping that I can make it to this. It will my FIRST Madison area meeting. 

Moved to the area recently so this will be a good networking event!