All Forum Posts by: Scott Schultz

Bought an SFR at Sheriff sale for $9,000 hired the clean out and rehab, $26K (so all in at $35K) have a tenant at $900/mo. Did a cash out and the appraisal came back at $130K. I have another I paid $6000 for and spent $7500 on rehab, have tenant at $725 worth $60K and another I Paid $7,400 for spent $7500 on rehab, have tenant at $725/mo worth $70K those are my best rentals. Best Flip, I paid $125K at sheriff Sale spent $18K on rehab and sold it for $225K in 3 months. I remember writing a check for $60K after closing paying down my personal homes mortgage.

Why Tomahawk? there is nothing there, I own rentals in Merrill, Antigo, Elcho, Rhinelander and Woodruff, if I was going to do STR it would be Minocqua, St Germane Eagle River of Three Lakes, Tomahawk is dead and now dying with Harley Davidson dying a slow death. Once HD is closed in Tomahawk major employers will be PCA and LP i dont see them absorbing the HD employees

Poss Specialties, in North Fond du Lac, or WCS in Fond du Lac

Welcome Adam Im in West Bend if you ever have questions or want to meet up, Im starting a spec build and have 23 rentals currently and have completed 31 flips. so I have real experience, be forwarned 80% of BP is the blind leading the blind. 

I dont know about other states, but  have 23 units in WI and 2 fantastic Managers, they cash flow well, and values are good, there will always be tenant issues, but other than that its pretty basic, At will tenancy, you pay you stay you dont you wont. 

PLEASE Read the Laws in each state, Wholesaling is Illegal in Illinois unless you are licensed in that state, and technically it is in Wisconsin as well, Mobiles in WI have there own set of rules regarding resale, much will depend if you are selling it as real estate (assigning a contract for real estate)  or chattel (personal property) Mobile homes are registered with the department of motor vehicles in WI and there are limitations as to how many you can sell same with Real Estate, 5 in 1 year or 10 in 5 years after that you need a license. 

that first home you want to buy, Buy duplex, triplex or 4 plex, they finance as residential owner occupant, your tenants pay your mortgage and can get long term low rate financing. you will probably live in an apartment anyway, why not own the apartment?

@Daniel LaSota location is everything, where is it, is it Bayfield or Douglas County? Gordon, Hayward, Cable area? if so I have seen a steady decrease in tourism to those area over the past 20 years that I have been going there. but we may be on the verge of a revitalization of semi close vacationing due to COVID 

Even if we see a recessionary period, I dont expect to see big change in real estate, many markets are super heated, BUT a recession will probably only moderate the market. I Flipped and sold foreclosures all the way through the last downturn, the difference this time is lending is not predatory not everyone has ARMs. and more people have a lot of equity. Currently most markets in the US is short on Inventory, so lets say we see a market slowdown, so days on market increase and maybe a slight downturn in prices, and I mean slight if any, the reason prices dipped last recession is because the sellers (banks) could discount to get properties sold, setting lower comps. and many homes were abandoned and blighted. now there are not many blighted homes compared to then, yea in a down turn a few people will lose there homes, but we will probably never see in our lifetime another 5.5% foreclosure rate like at the worst point of the great recession. I hate to burst your bubble Newbies, that ship has sailed, get comfortable with making deals work today, or wait till your old and its too late for you.