Fixing a Basement Wall - Green Bay WI

 

If you own a house in Green Bay WI and you are dealing with Foundation issues, this may be the right article to read! Down below, I go over how you should properly repair a leaking or damaged basement foundation wall. Just remember, if it is not done properly it will only cause further issues and headaches down the road! 

Now, what do you need in order to fix a bowing or cracking wall? The first thing I would recommend doing is consulting with a foundation expert and have a full inspection done. A foundation inspector will give you advice on exactly what should be done to repair things properly, and they have the state license to back that up. If you start calling a bunch of different foundation contractors they are going to try and sell you on their product and how it can best fit your situation. 

If you have a cracking wall the foundation inspector will most likely tell you that there is issues with the grading around the exterior which need to be addressed. They will also go into how your landscaping should be properly handled so the leaking wall no longer happens. Most inspectors have a Rolodex of foundation contractors they would recommend and that is WHO I would go with. There should be no conflict of interest, but they do see who does the highest quality work throughout the Valley. 

Once you get the report from the inspection those are the next steps you should take to properly repairing the wall or foundation issue. Once that is done and maintained over the course of your ownership you should not have any other issues with bowing or cracking of walls. 

If you want to skip all of it give us a call at 920-215-4201. 

Talking with a Title Company

When you are looking at selling a house in the Green Bay WI area you will need to do a few things in order for the transaction to go smoothly. The first being, make sure you are in contract with a legitimate home buying company. Don't sign a contract with someone just looking to assign their interest & leave you high and dry if things don't work out. The next being, you need to work with a GREAT title company!

How do you begin the title process?

Every time we put a property under contract here at CB Home Solutions I reach out to Closing and Title Services. They have offices in Green Bay, Appleton, Oshkosh, and Wautoma. I send them an email stating we would like to order a new title policy for the property at 123 Main St, Appleton, WI.

They begin the title search process & make sure all the proper documentation is completed prior to us purchasing the property. Title searches are NEEDED in order to verify that there are no leans or encumbrances against the title of the property. You don't want to take ownership only to find out that you now owe a $45,000 lien for a contractor who did work on the house 8 years ago & was never paid.

I would NEVER buy a house where the owner will not allow a title search. It will put you and your company at risk & cause more of a headache than it is worth.

Now, if you are looking at selling a property & want an all-cash offer give our office a call at 920-215-4201

How Much Do Real Estate Agents Charge

This question is typically market dependent & may require you to do some research on your side of things. The following information that I provide within this article does pertain to the Northeast Wisconsin market, however, does not mean these numbers apply to all brokerages. Please contact a local real estate broker for more info!

Now, getting into the cost of listing your home with a real estate agent in Appleton. Most real estate agents charge between 5-7%. The real question you should be asking is what is included in the listing commission fee. What I mean by this... will your Realtor higher a professional photographer, stage the house, have a pre-listing checklist, have a list of service providers to contact, and the list can go on.
Or will they be like your normal run of the mill agent & just take photos on their cell phone and call it a day? You want to make sure and ask the important questions upfront so you can make sure you are only paying for the best. When it comes to selling a home it is important that your Realtor be an experienced "marketer" and not just a fraud.

The other way to avoid paying a real estate commission is by selling your home to a local real estate investor. CB Home Solutions buys houses throughout the fox valley & can close quick. In this type of transaction you WILL NOT get the same price you would get on the retail market, however, you do get the speed & convenience of a quick sale.

Private Money Lenders in Wisconsin

If you are reading this post there is a good chance you are searching for private money lenders in Wisconsin. In this post, I am going to go over what you need to be aware of prior to partnering with lenders in the area & how to know if you are being taken advantage of.

Private Money Terms

The best part about private money is that the terms are flexible & can be negotiated directly with the lender. Please don't mistake private money for Hard money as those are typically institutional investors that require higher interest loans. 

On a typical private money loan you can expect to pay between 8-12% interest. This is typically an interest-only loan for 6-12 months. The private money lenders we work with will give us up to 70% of the repaired value for an LTV requirement. Meaning if we get a deal at 70% ARV - repairs we will have no money stuck into the property. 

Another thing to check with a private money lender on is their ability to close quick & what fees they charge. We do not have to pay any fees & can close within 7 days as we have the cash funds available. Don't work with any private money lenders that require an appraisal in order to do the loan. The chances that this will delay closing are significantly higher. 

Can We Be a Resource? 

If we can help you connect with a private money lender in the area please reach out to us today! 920-215-4201

What Can I Expect to Spend on a Green Bay House

Are you just starting to search for a home in Green Bay WI? Along with the first time home buyer process comes a lot of questions...
- how much money do I need?
- What is the best area to live?
- Do I want a fixer-upper?
- How much do I need as a down payment?

And the list can keep going. But in this article I am going to talk about the average cost of a Green Bay house & how much it'll cost you per month.

As I am writing this article we are part way through 2020 & the average home price in the city of Green Bay is around 157,000. Of course there are houses cheaper & more expensive but that is the median.

So for a $157,000 what will be your monthly cost:
5% Down Payment: $7850
Principal & Interest: $734
Taxes: $225
Insurance: $62
Mortgage Ins: $85
Utilities: $120

Total Cost: $1229

So if it would make sense for you to be able to afford $1230 per month then buying a house might be the right option. However, if you only make $2,000 a month then a mortgage lender would not even pre-qualify you for that amount. For more information or help please reach out to us today!

Landlording During COVID-19

Landlords and tenants across the nation are facing disruption when it comes to their income properties. They don't know what to do & everything currently going on in the economy is new to everyone. How will this affect the housing market? How will landlords continue to pay their mortgages? All things that we need to wait & see...

Rent Deferrals and Rent Payment Options During COVID-19

If a tenant is unable to pay rent in the current economy most landlords are willing to work with them. It either can be broken up into smaller amounts & the unpaid balance will be tacked onto the other monthly rents. Or, the tenant can forgo paying rent & then make it up in the up & coming months. If we are lucky this pandemic won't last for 2-3 more months & everyone can get back on their feet. 

Use the Security Deposit or Last Month’s Rent

Most tenants pay a security deposit when they sign their lease & now that can be used as payment if the landlord needs. Of course this needs to be agreed to with the tenant & should be in WRITING. Always protect yourself & speak with an attorney for more legal guidance. 

Code Enforcement Issues - How to Avoid Them

When buying property in Green Bay Wi it is always important to give the code enforcement department a call before closing. Now why is this?

1) You will learn if there are any outstanding issues with the house
2) You will become familiar & start to build a relationship with the individuals who work down in the office. This will create more opportunities for you & possibly future referrals.
3) You avoid headaches further down the road.

Now when you acquire a house with issues involving the municipal code it is important to take care of them right away. Don't wait for 3,4 5 months after purchase & have the municipality hounding you to complete the work. Be smart & higher the right contractors to pull permits & complete the work.

With our most recent purchase we called the code department before closing & found out about some issues. After identifying the issues our contractor was in there a week after closing getting things handled & the property back in great shape.

Our goal is to improve the neighborhood that we purchase properties in. If you know someone looking to get a cash offer give us a call 920-215-4201

Preparing a Home for Sale

In this blog we are going to go over preparing a home for sale. The first thing everyone should know is that selling a house is never fun. You have people walking in & out of your house and you never know how serious they are. So what do you have to do to have a successful home sale & to prepare it properly.

A Good Realtor Can Help With Preparation

If you have a good Realtor, in most cases they can tell you what to do & what not to do. A Realtor's job is to ultimately get your home sold, but they want it in market ready condition. So, to get your home market ready be prepared to do the following things: 

- Paint all walls or rooms a neutral color. The hottest color right now is the light gray or light tan

- Take down any family photos or personal memorabilia. This will help the next buyer picture themselves in the home

- Get rid of old or un-used furniture. Make sure the space IS NOT cluttered. 

- Have the house smelling fresh & clean for all showings

 

Cost Associated With Preparing a House

In most cases it should cost you under $1,000 dollars to get your home ready for sale. Of course, by doing the work ahead of time it does set you up better for a smoother transaction & quicker home sale. I would highly recommend speaking with a Realtor prior to listing your home on the market so they can give you an idea on what to do & how much you will get in return. 

Sell Vacant Land - Green Bay WI

Selling vacant land is never easy. Whether it is a 1 acre parcel or 100 acre parcel. How do you know how to properly market vacant land & utilize the strategies that work. In this blog I am going to go over a few key metrics to focus on in your advertising.

1) How Can the Land be Used?
Most people buy vacant land to either build on, hunt on, or use for recreational purposes. So before you start the marketing process you need to be sure which one of these your parcel of land can be used for. It is as simple as making a call to the local zoning department & seeing how the land is zoned. Is the land even buildable or can it only be used for recreation?

2) How to Price Land to Sell?
The quickest way to sell a parcel of land is to offer it at a discount. If similar properties have been sitting on the market for 6-12 months with no activity & you price your parcel at the same thing, guess what happens? IT SITS! Now, how do you go about pricing a property to sell. I would recommend looking at sold comparable properties & pricing it at least 25% below those. If you don't get a lot of activity within the firsts few weeks or month, drop it another 25%. This should result in a very quick sale.

The tough part about land is the next individual to buy it needs to see the value which may not be there at the price you are asking. Someone typically has to develop the parcel to gain any sort of value out of it.

How to Do a Cash Out Refinance - Green Bay WI

You may hear the term "cash out refinance" when people are talking about getting a new loan on rental property. But, what does this actually mean?

To explain the concept in very simple detail, it means that if you bought a house for cash & then took it to a bank to refinance 75% of the appraised value back out. Why this is such a common idea for real estate investors is because they can find deeply discounted off market properties, rehab them, & then take them to a bank & refinance all of their money out! It is the perfect scenario for building a portfolio of off market houses.

Is this possible to do with commercial assets? The answer is yes! You will still need to abide by the same rules & formula, but most commercial lenders will go up to 80% LTV on the commercial side of the business. This can allow you to build a mega business with just a few great relationships.

Make sure that when you meet & connect with a local lender that you are personable & build a relationship. Relationships help build business & that's what the real estate game is all about!

Selling a House with 60 AMP Electrical - Green Bay WI

Recently we purchased a side by side duplex with very old electrical. You walk down in the basement & instead of seeing the standard breaker panel, you see the old fuse box. In todays real estate market, that does not fly. So how did we go about purchasing this property & still being able to obtain financing?

Financing a Property With Old Electrical

The biggest thing people need to realize is that a lot of properties real estate investors purchase are done with "non-conventional" financing. Meaning, they do not go through a traditional bank to get a loan. However, we have built relationships with Commercial Lenders in our area & they will finance pretty much anything. And that is how we financed this purchase!

The loan is pretty standard as a 80% LTV of the Completed Appraised Value. So we give the appraiser our scope of work & how the property will look & then they appraise it for us.

What about Insurance? 

Insuring a property with old electrical is another problem a lot of people face. Again, we do have contacts in this realm that will insure our flip properties & then we switch them into cheaper more conventional insurance.

Definitely be sure to shop your insurance rates around when just getting into the industry!

If you are looking to sell a house with old electrical in Green Bay you may want to speak with a local real estate investor. Feel free to reach out to us or any other investors in the area!

Thanks for taking the time to read this article