All Forum Posts by: Scott Schultz

we have had no problem with evictions, if they are not paying rent, and you have a god detailed lease, Im sure they are violating it in another way besides paying rent

With $1mm cash knowing what I know now, I would buy exactly what I bought maybe more ranches and not as many old houses, but done the same thing, value add at the 100% value increase after repair, turn $1mm into $2mm free and clear then take 60%-70% of the portfolio and get a $1mm line of credit and do different deals. I basically did this with $250K turned it into $2.1

mm but had to use some debt to do it

probably a Domestic LLC this is the most common, and what the 6 I have are But I would check with your CPA

https://www.facebook.com/123no...  Chris Bull No Bull Remodeling 

you may also want an EIN do that here https://www.irs.gov/businesses...

Wdfi.org  just set one up, it cost about $130

Why would you lose money?  there are Lots of Jobs in every field in Wausau, or Green Bay, they are both good sized Metros with lots of industry.  I would say start Job Hunting and go from there. If you are not in a hurry it makes it even better.  Go where you want to go, and dont do it for the money.  Investing can be done regardless of income. also consider the cost of living. Wausau (at least surrounding area) has a much lower cost of living than MKE so how much pay cut can you take and still be Net the same?   My primary Property Manager is out of Wausau most of my portfolio is North of there. Let me know if I can help in any way. 

if you have a 5 bedroom for $500/mo its either really rough, or the owner is a fool.  As a landlord my managers require all occupants be on our lease.  If you can pull it off, great! good luck 

Hi Jed, 

   This is great!!!  You are well on your way,  I own 2 properties in Antigo, 1 in Birnamwood, 2 in Elcho, 1 out in Lily, 2 in Merrill and the bulk of my properties are in Rhinelander. $10K in hand you are light years ahead of your peers,  in Antigo specifically, a very small percentage of your classmates will have $10K set aside ever in their life, much less at your age.  Fortunately for you, Anitgo has a low entry point for rental real estate, rents also are low and tenants are odd there compared to surrounding markets but none the less there is still opportunity.  the 2 i have in Antigo, I paid $7,400 for a 2 bedroom single family, and I paid $23,900 for a 3 Bedroom single, both in the past 4 years, I did have to stick quite a bit in to them, but my point is you can get deals there.  I recommend you set up a meeting with a Commercial lender at Peoples State Bank in Rhinelander Ask for Stacy Timm tell her I told you to call, and ask to meet with a Commercial lender and you are interested in Learning!  One of them will be happy to take the time to teach you about what they do, and how you may partner to achieve your goals. dont hesitate to reach out any time!  

I have no expectation of a Housing "Crash" there may be a pull back to a more balanced market at some point, and certainly there will be places that are bad, some are bad right now. But if you look at the big picture, Housing demand is high, people like to live under a roof, so weather it is rentals or owners we have not stopped making more people at a pace faster than others are dying. so for now thats not changing. the difference today vs 2007 is people have equity in their homes by a big margin, and the vast majority have fixed rate long term loans, 2007 a significant number had ARM's. Also Investors are chomping at the bit for a down turn, with money ready to invest, with deals being sparse today, the slightest "better deal" will bring money in quickly. The other factor is Unemployment is low, very low, along with cheap gas and low interest rates, the ship will be slow to turn if it does. Wall Street is the wild card, but Housing tends to lag Wall Street by a year here in the Mid West, and we dont fall hard or fast like the east and west coast does. I think you are waiting for something you want to see happen but realistically if it does, how much equity will you lose selling your home in a down market? So unless you are willing to sell Now risk the loss of a little upside, and rent or live in an RV then buy at the bottom, your question is Moot.