All Forum Posts by: Scott Schultz

I'm a sole member LLC and any type of partnership is out of the question, other than my wife, and WI requires the entity to have a broker license, and a managing. Indevisuql to be licensed as well. I know there are agents out there that violate MLS rules and hand out there access info to some investors, but I'm having a hard time with saving 3% on listing flips, and being able to bid my own Huds, getting Hubzu, W&W, access as well as a few other reasons I find very valuable.

there use to be a group in Appleton run by a guy by the name of Nate, not sure if they are still meeting. 

my tenants pay rent at my bank, I give them deposit slips with the last 4 of the Acct# and Acct. name, and they deposit, i just need to log in and see if they paid. 

Christopher Patterson thanks, I wasn't aware of the change.

I have no issue with wholesaling, I am a broker, and have no interest in defending my license, Wisconsin law says if you sell more that 3 in 5 years or 5 in 10 years you need a license, how ever I don't know who enforces it. And FYI there are several "We Buy Houses" guys in The Fondy area, I worked and lived there for 10 years until a year ago. But there is a market, but margins will be small.

I'm a Menards guy, I have a contractor card and get the 2% plus manufacturer rebates, prices are generally cheaper, but not on everything, i buy plumbing valves, and tools at HD, or if i need nicer stuff, but Menards has been good to me, I spend $20-30K a year there. I also like the $0.05  per gallon discount on gas at Holiday on your Menards card.

I am a Broker in WI turned full time investor, I use to just flip, but am now adding rentals, 4 in the last 9 mo. If I was not a broker my rental income would truly passive and not subject to self employment tax, but as a Broker the IRS says I'm a broker dealer, and rents are subject to self employment tax, I want to keep my license to have access to MLS for valuation and for Listing my own flips, any advice or what others are doing would be fantastic. Thanks in advance.

It doesn't really matter what you start with, you just need to pull the pin, right or wrong, do something. It's the most valuable first step

In many Counties in Wisconsin they lower the minimum bid each auction cycle till the sell.

the best deals i have gotten were Sheriff Sales, 6 to this point. all amazing bargains.