All Forum Posts by: Tim Willms

Hello all. I am a person who follows Sheriff sales in my area and am trying to break into investing with deals this way. I am currently working on two different foreclosures. I want to basically wholesale or quick flip them to build up some capital until I find the right buy and hold property. 

The first one I tried to purchase it sub-to and the owner just did not understand the way it works and he ended up letting it go to auction. At the auction no bidders showed up and the bank took the property back. I cannot get the lender to talk to me at all. I am assuming that I am going to have to wait for it to be listed with an REO agent? Or has someone had luck talking with a lender in this type of situation?

The second one I have found looks like the foreclosure case has been closed. However the auction date is on the calendar for a few weeks out. In the court document is states "Court finds default judgement - 3 month redemption period." Does this mean the homeowner still has "position" of the property and I can work with them to purchase and prevent a foreclosure on their credit report? Or is it now foreclosed on and they still have the ability to bring the mortgage back to good standings and they can keep the home with a foreclosure on their report?

I had someone in Sparta WI do the outside of my 1700sqft house with materials was $3,400. "Quality wasn't great. I am still working with him to correct some issues" I had this same painter give me a quote for just the trim in the house and it was $2,700. I would say your price is good. If you don't want to spend the money now. Like others have stated, work with the contractor and see where you can cut the cost. Get creative. 

If it is old pain/oil base. Make sure the contractor knows how to paint over this! Mine is pealing because my contractor didn't understand the correct process. 

I was talking to a home owner in La Crosse WI and they got a quote to get the main sewage pipe replaced out to the road at $18,000! Prices of Trades has sky rocketed. It is what it is. Do what you can to get the price down. Selling the property you will still have to give concessions for this know issue. 

This decision really depends on how well you are doing with this property. Is it cash flowing well? Good tenants? How is the appreciation in the neighborhood? What kind of shape is the rest of the property? 

So I am completely new to all of this myself. I have been interested in investing in Real Estate forever. I have tried to play it very slow with her over the last few years. I have just recently really decided to take this a bit more serious. You know, no longer dreaming and thinking it would be nice. 

My wife and I have been together since we were in High School, now married for 18years. Whenever I talk about buying another house she gets upset and mentions the old adage of "Fixing Toilets at 2 am" or tenants that will destroy the place and we will loose it all. I mention wanting to by a second home in 2023 and she about lost it. The next time I brought it up she was more receptive. 

She does trust me as long as I don't have too much skin in the game and we can afford to loose. I have flipped Snowmobiles, ATVs, and vehicles many times. I have a vehicle in the garage right now. I have had to talk her into being ok with using funds to do this for years. I just need to show her in the end that profit. Start small and keep working the Deal.

I think she will come around.