All Forum Posts by: Scott Schultz

My bad, Investor uninsured is 100% nonrefundable, Insured is 50% refundable, Owner occ is 100% refundable

On HUD REO transactions, all NON Owner Occupied $50K and below is non refundable $500 and over $50k is $1000 non refundable, its been that way since i got my NAID number in 2008, for Owner Occ. there are reasons ernest can be refunded, but its not common, i think i was involved in one that got refunded, in maybe 150 transactions.

Move? Ha!

You people in big cities have a tough go of it with all the zoning and building laws you have to deal with, Im glad im in Po Dunk ville where we can pretty much get away with anything, heck most townships only require a permit for new construction, and a few dont, just a sanitary and well permit from the state.  fun for me to read about though. 

I have purchased 6 so far at Sheriff Sale in 4 counties in Wisconsin, possibly another tomorrow, I watch the opening bids every evening in the counties I look in, and analyze them. there typically will be one good deal for 100 over priced opening bids, but the ones I get tend to be home runs, I have had competition twice, one of them I paid the other guy $12K to stop bidding. worked out, I made $65k on the deal in 3 months, not complaining, but you MUST DO YOUR DU DILIGENCE  I have seen people buy seconds, and ones with government liens that they got stuck with. Here you need 10% cash or Cashiers Check at time of sale, and the balance is due within 10 days of confirmation. so you need your money in order. its not for the faint at heart, and you have to be wiling to lose your 10% but the rewards can be great!!!! Good Luck

Well I rolled the dice, and KnightBarry title got me a title policy, underwriting removed the second HEMC mortgage as an exception, and im GTG, and today I'm not only a little richer, but a lot more educated.  

Go to a small local bank, and see the Commercial lender, they will do in-house, or portfolio lending, brokers generally are for secondary market, im borrowing on the commercial side, 80% LTV at 4.5% paying only for a BPO, Title, and a couple hundred bucks origination.

My strategy is buy with cash, then my commercial lender gets a BPO and gives me an 80% LTV Line, if i buy another using the cash from the line, I then take out permanent financing, and pay off the line, and start over again. if you steal the property, my guy lends on the BPO, not the lesser of purchase price or value (many use the lesser amount) having cash in hand or a line against equity is about the same in my book, just never against my personal residence.

I would suggest getting your Real Estate License, and work part time, see if you can hook up with an REO Broker (someone who specializes in listing foreclosures) help them out, and learn the ins and outs, and bank those commission checks, do tons of BPO's even the cheap ones, you will know values better than anyone. and if the brokerage allows you can make extra money doing trash outs, and cutting the grass, I made a ton doing that stuff, go out and bust your hump and make it happen!

from the Wisconsin Broker CE I have taken you are ok to show someone elses unit, hand them a lease, and even collect rent or security deposit, but you cannot negotiate that lease, meaning no variation to what is in print, nor explain anything in the lease. Best of luck what ever you decide. this may also be helpful. http://datcp.wi.gov/uploads/Consumer/pdf/WisconsinWayWEB.pdf