All Forum Posts by: Scott Schultz

I got an Email from Zillow, they must have gotten a new public records pull, it shows what I paid at Sheriff Sale for a property, Is there a way to get this blocked? Its a flip, and it could mess with my marketing. I really stole the house Im a bit concerned the effect  on future deals too. 

I never understood investing in a depreciating asset, or as Kiyosaki would call it a Liability, Manufactured homes do not appreciate, the lot may, but the house will not, I dont care what you do to it. it nothing more than a fixed location RV Licensed at the DMV, there are very few Lone products for end users, and the ones that do exist require bug don payments. We have a lot of them in my area, and on its own lot, they bring 20-40% less than a similar sized Stick Built or Modular Home, I was involved as a broker, for someone that flipped one, the margins were tight, an buyers were slim, sorry to be Negative on them, just my experience. we see them here in parks from $500 to about $20K for a really nice double wide, not much money to be made there.

smart locks are easy, but if you want to be efficient, either have a locksmith do it, or learn to rekey yourself, and do a master key system, so you have 1 key that does all and tenant each get different keys, its pretty simple to do, if you have a Locksmith do it, they can keep record of each property, and when a tenant says they lost a key or locked them selves out, tell them to call the lock smith to have one cut for their unit.  I rekey my own, but im funny like that. 

I dont know the laws of your state, but in wisconsin the entire purpose of an Operating Agreement is to put in writing the duties of the members, their positions, the % of say their vote has as well as compensation, and liabilities, I am a sole member, so i have 100% vote, 100% say, 100% compensation, as well as 100% liability for the operation of the LLC, Wisconsin does not require an Operating agreement, but if you dont have one, and have multiple members, the State Statute lays it out for you. You will need to read up on what you state says about it.

Are you a sole Member LLC? or do you have other members? I am a sole member and have never had an operating agreement, nor do I have member meetings with myself, no in other peoples case this may not be an appropriate way to do business. My favorite thing is having to write a letter saying I am authorized to sign on my behalf.

Im kinda not understanding the need for the refi, unless you need your cash account for other purchases in the Retirement acct. no personal funds or personal labor may go in or out of those accounts, so im assuming the account is  short to pay some bills? 

Im doing the BRRR on a few right now, the Key is to buy WAY below AVR, for example, one i purchased for $26K with an AVR of 65K my total rehab cost will be about $2,500 so i will have $28,500 in it, with loan costs lets call it $30K my banker is doing a loan for 60% of BPO Value, (my request, they wanted to give men 80%, I dont need the money) so i will get $39K back out. th purchase and fixup was floated on a LOC, so there was no purchase mortgage.

Another one i did was for a Line of Credit, I purchased for $32,200 with Cash, had to pay some back taxes and water bills,, the borrower stayed, and now rents from me, the BPO was $80K, my banker gave me a Line at $75% so $60K for me to procure with cash. its a fantastic system.  Good Luck Out There!!!!

Not too bad, other than your interest rate is high, im getting a similar deal, but im at 4.5% but i only take it out for 15 years and pay at a 10 year Amm,  I have Lines against paid for assets at 75-80% at 4.5% as well. Nice program, but beat your banker up for a better rate, i know they are out there. 

there are little quarks as well, that only a trained eye may see, the process is easy if you are in a subdivision with 200 relatively equal homes, it a bit more tricky and subjective in rural America, where comps my be fare apart, and no similar sales exist for 12 months ore more, then your gut has to know. its 1 part science, 1 part math, and 2 parts Market Knowledge 

that's how it is, you need to do your due dilagence up front, I either use my friendly title company locally, abstract my own title, or buy their policy, if they will provide title insurance, and they did it wrong, thats why you are paying for insurance, so they INSURE its clear. The contracts are always one sided. But for title work, spend $100 for an online Abstracting class and learn how to do it, and where the info is, i can generally go back quite aways in my counties from my recliner. worth the knowledge.