All Forum Posts by: Scott Schultz

Realtor.com has most MLS data, as it is the central public access hub of almost every MLS in the country.

@Jagrut Patel I have a Manager that does approx Hwy 33 north to Hwy 10 and west to about Hwy 49 and another manager that does the hwy 39/51 corridor, from about Wis Rapids to Minocqua, and East to Shawano

you best bet will be recommendations from investors using PM's in that area, I dont have one in that area, but if you venture north, I have 2 I work with. 

with 1 property it would be pretty easy to do in a note book or on an Excel Spreadsheet, dont over think it, its not that complicated, as you get more properties, work with your CPA, use the Software they want you to use (Quick Books, Peachtree, ect) and have them teach you how to use it. 

Good info from @Marcus Auerbach as well, I will add, to be fully aware of how the rules change if you decide to offer a lease longer than 12 mo.  things like you are required to use a 30 day notice and cannot issue an unconditional "Quit" notice, there are a few other nuances to the law with leases longer than 12 mo. so just be fully informed. My PM's will use short leases in the winter often just a couple months, to get a renewal in spring/summer, then entice the tenant with  it as a "trial" or "test out" period to see if they like the location and property. its all how you sell it. Best of Luck!

FHA Insured reverse mortgages have 2 recorded mortgages, both at 150% of the appraised value, One for the actual Mortgage, and the second as essentially an Insurance piece from FHA, the release is dependent on the balance being paid, so unless you know how much has been drawn, you simply will not know. since the borrower has died, Foreclosure will start, as Death or Moving out of the mortgaged property are both triggers for foreclosure. good luck

Finding a deal on MLS with $100 positive is tough, but there are tons of way better deals than that if you look for distress and dont mind doing a rehab. @Sam Shueh I wont get out of bed for $100/door not worth putting pants on for, my minimum is $200/door with 100% debt (for calculation purpose only) of purchase and rehab at currently 6% on a 15 year amortization, many of mine are far better, I also require a minimum 40% value increase after rehab so I can pull out the cost of rehab and purchase and only borrow 60% LTV I buy 5-6 of those deals per year, I currently have 23 location all meet those parameters and most are better than my minimum. You need to look were others dont and buy where others cant, be prepared to pay cash and close quick, most of my buying in the past few years has been online auctions and Sheriff Sales. Im getting picky this year though, either 3+ bedroom SFR ranches or multi family (2 or more units) im currently waiting to close an auction property (duplex) I won for $13,699, I will spend $20-25K in rehab, it will generate $1100-$1200/mo gross and should get an appraisal at $80-85K. they are out there you just need to be in the deal flow and act when the deal arises.

@David Wagner I paid cash for my fIrst, second and 3rd rental, then financed them after repairs. Flips: Cash for the first one, 6mo interest only bank loan on the 2nd and 3rd

@Kristopher Shobe For a small purchase like that I would not partner, the only ship that doesnt sail Is a partnershIp. What would the purpose of the money sIttIng In an account for 30 days be? I often buy wIth cash an pull the money off a lIne of credit day of closIng.

@DuBeaux Dingle Also like most people, agents think they have to manage, and they can’t stomach that part, and even if the hire management, and live near what they own they feel compelled to micromanage their managers, most people don’t look at rental property like other investments, for some reason they are compelled to be involved.