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All Forum Posts by: Terry Hoefer

Terry Hoefer has started 11 posts and replied 48 times.

Post: Question on Asking Seller for Utility Bills

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

I know in Wisconsin, I have been able to get the utility costs right from the WE Energies-just give the address.

Well, we got all our estimates for the major work, we were willing to take on some things ourselves, but we came up with a new figure of $129,000. The owner couldn't go below $144,000-so we walked away. The money spent on the inspection taught us a lot, my husband went over every detail with the guy. $600 well spent. A bit of a letdown, but we held firm on that bottom line. @Barbara G.-your estimate was right on!

Post: Property with a fire pit

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

I wonder what your insurance company would say about that...

Thank you Barbara-on Monday we have several specialists coming to give solid estimates, so we have a real number to approach the seller. I myself was surprised that my husband didn't notice or tally these things prior to offer and inspection. Normally he's pointing these things out as we initially view a property. Now we are looking at the seller accepting a substantial reduction, or we are out the cost of the inspection. If we move forward, it could take longer for the lower unit to be "tenant ready". My husband said he had expected to make some improvements himself, but this goes way beyond...

I'm wondering if the HVAC guy will red tag the furnace, my biggest concern at the moment is for the current tenants' safety.

We had our offer accepted on a upper/lower duplex in a mostly single family area, so no real comps to go by. The house itself is solid, nice woodwork, 3 bed, 1 bath each. Upper rents for $800. Was asking $155,900, took our offer of $150k right away. Assessed tax value $169k, Zestimate, always questionable, $181k. Owner staes that price reduction was for roof replacement. We had our inspection, one furnace 20+ yrs, other 30+ yrs, one water heater 20+ yrs, other one ok. Mostly galvanized pipes with some leaky spots. Both sewer stacks need replacing. Bedrooms each have only 1 outlet, using extension cords, should add at least one outlet per BR. exhaust from furnace leaking into basement. Lower needs new tub surround, kitchen cabinets painted or replaced. We are now wondering if we should come back asking for further reduction based on some of this, at least furnaces, water heater, or ??? Lower will rent for $900. The owner doesn't have money, which is probably why she wants to sell, knows these things need to be fixed and can't afford repairs. We didn't really want to put a lot of $$ into it to start out, aside from initial purchase. No financing this way.

Anybody have any thoughts on this deal?? We would normally flip single fam., but with market the way it is, decided maybe buy/hold cash flow would be good for now. But to much fixing has us reconsidering the idea on this one.

Post: Investor in South East Wisconsin

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

Thanks for your introduction and participation!

Post: Milwaukee Northside Property- needs momentum

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

I just looked at the listing, the house itself looks nice, no mention of a garage. I think a tidier landscape would photograph better.

Post: Milwaukee Northside Property- needs momentum

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

Unfortunately, in Milwaukee, the term "North-side" makes someone assume they wouldn't want to put a sign out front to keep away intruders. That North-side label is used too often in the local news reporting shootings, etc.  I would open with something positive about the location, and definitely lower the price. I have a friend who owns a fair sized bungalow on 45th. It has no mortgage, yet she's not in a hurry to deal with trying to sell in her neighborhood, as she recently retired and will likely leave the state. At one time I remember her saying it was worth around $45,000, but I think that was prior to 2005. She travels a lot and has not had intruders in her absence (that she knows of). One day she did come to work and say a tactical unit was poking around her bushes, looking for someone who allegedly was hiding. Best of luck, and lead with the positive and the right price. Two weeks isn't long, but quickly dropping the price right away implies the seller miscalculated the original value, as opposed to the price creeping down as it's on the market too long.

Post: Church rehab single fam to multi fam convert

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

Are there zoning restrictions, or do you need to petition for a change?

Post: Neighbor Talking Bad about Property

Terry HoeferPosted
  • Investor
  • Waukesha, WI
  • Posts 48
  • Votes 9

Someone told you they heard him make these statements to prospective buyers and/or renters? This is your business, and if he is impeding your ability to conduct your business it is defined as slander. Perhaps a non-threatening letter from an attorney, inviting him to substantiate his claims would make him more mindful in the future. It would be in his own best interest to have responsible neighbors move in.