The Wisconsin Investor
Each week, we bring you interviews with some of Wisconsin's top real estate investors who share their tips, tricks, and strategies that you can implement right away. This show is dedicated to helping Wisconsin real estate investors elevate their game. Along with interviews, I'll also dive into hot topics in solo episodes and feature experts from various real estate sectors across Wisconsin.
The Wisconsin Investor
Unlocking the Secrets To Getting The Number You Need On Appraisals With Monte Reyment
Unlock the secrets to successful real estate investing in Wisconsin with our special guest, Monte Reyment! Monte, my big brother and a thriving real estate investor, shares his incredible journey from a traditional job to building a real estate empire. Starting with the purchase of his first duplex in 2018 and overcoming the hurdles of his first property flip, Monte's story is packed with invaluable lessons on perseverance, learning from failures, and the importance of a supportive network. This episode is a treasure trove of insights for anyone looking to break into the real estate market or elevate their current investing game.
Discover the financing strategies that can transform your real estate portfolio. We'll guide you through the progression from hard money loans to the benefits of commercial lending, HELOCs, and private money. Learn how to cultivate strong relationships with lenders, gain favorable terms, and leverage different financial tools to enhance your investment strategies. With Monte's firsthand experiences and practical tips, you'll gain a clear understanding of how to navigate fluctuating interest rates and secure the best deals.
We also dive into advanced tactics for property appraisals and successful deal-making. Master the art of presenting your property's value to appraisers, and understand the importance of multiple exit strategies to safeguard your investments. Be inspired by a detailed account of a profitable deal with my young partner Lydia, underscoring the power of strategic negotiations. Plus, enjoy some light-hearted stories about Wisconsin traditions and my own shift from network marketing to real estate. Join us for a rich, informative episode that promises to arm you with the knowledge to thrive in the Wisconsin real estate market!
Welcome to the Wisconsin Investor Podcast. I'm your host, corey Raymond. Oh, hey, there guy. Each week, we bring you interviews with some of Wisconsin's top real estate investors, who share their tips, tricks and strategies that you can implement right away. Oh, crepes, this show is dedicated to helping Wisconsin real estate investors elevate their game. Along with interviews, I'll also dive into hot topics and solo episodes and feature experts from various real estate sectors across Wisconsin, you betcha. So sit back, relax and enjoy the show. Hey everybody, welcome back to another episode of the Wisconsin Investor Podcast. My name's Corey Raymond, and today I have the distinguished honor of interviewing my big brother, monty Raymond. What's up, monty?
Monte Reyment:What's happening? How are you guys doing?
Corey Reyment:Well, we're doing good, man, we're doing good. I'm excited to get into this today, so I want to dive right in and start talking a little bit about real estate. So obviously, we have a focus on Wisconsin and real estate. Those are the two things that we love, that's good, because I do both in Wisconsin. Yes. So tell us just real quick, tell the audience, how did you get started in real estate and when did this all go down?
Monte Reyment:Yeah, I mean, I've always had an interest in real estate. Unlike a lot of people, I didn't read Rich Dad, Poor Dad, I just had a little brother that tried to get me and convince me that real estate was it. So that was good. And so in 2018, with the assistance of the guy across from me, I purchased my first duplex, really enjoyed it, Like a lot of people.
Monte Reyment:I think getting into real estate investing is just looking for another way to generate passive income, so to speak, and it's certainly not passive. I've learned that, at least in the beginning, for sure, and so I started doing that. I was at a really kind of a. I had a really good job, but it was a dead end job and it was burning. I was burning out and I couldn't see myself doing this job for a long time.
Monte Reyment:So I had that epiphany moment of you know. I went up to make another phone call in my office and was like, do I really want to do this for another 20, 25 years? And the answer was no, and so you know, at that point, you know that duplex and then my first flip really kind of turned me into, even though I had some failures on that first flip. As anybody knows me, that was a rough one, but I really kind of turned that into some great learning lessons. And here I am sitting six years later with a brokerage in real estate and a whole bunch of rental properties and all the things, and I have real estate ADD now.
Corey Reyment:You mentioned something that I want to go back to. You said the first one was a quote, unquote failure. But you learned a lot. Well, I think for people who are sitting on the sidelines, at least for me. I remember when I was going to do my first deal, I was really scared, Like I almost tried to self-sabotage because I was like, oh, it's going to happen on this deal when I close on it, and what if it fails? And I went through all of this whole what if?
Corey Reyment:anxiety of the future Big numbers right, right, big, much bigger numbers than what we're used to. So for those people that are going through this like you went through a failure, but here you are, six years later. You're still in the business. What did you learn from that quote unquote failure that allowed you then to propel that into where you are today?
Monte Reyment:Yeah, 100%. I think that was, you know, in essence, the best thing that maybe has ever happened to me professionally. Really, it was the second property. The first property was a duplex. That one would have been really, really good had I been able to hold onto that, but I had to sell it because of the second property, so I bought a flip. It was a very large flip.
Monte Reyment:I had worked in construction in a previous career, in my early 20s mid 20s. I had done a lot of remodeling for, and in a previous career in my early 20s, mid 20s, I had done a lot of remodeling for. You know I had a business that remodeled bathrooms and you know we were pretty solid at that. In 2008,. 2009 came and I got a real job and all that other stuff. But this property and you warned me on this one too, because I had the opportunity to get out of it right away with a profit and again, looking back now, knowing where I am now versus then, I'm glad I didn't, but really it came down to all of the things you shouldn't do. First of all, the place was in an inconvenient location for me. It was a 45-minute drive one way for me and my contractor partner. I had been really in a way scammed by the contractor that I had hired. He was a pro, so he did a really good job on my first property. That duplex was there the first the day I closed, got everything done really kind of long game me into this thing. And then this other. I'm like man, if this guy can do what he did on the first property, the second property he should be able to. Just. This should be a good partnership and we can roll.
Monte Reyment:And the second one didn't work out that way. So he, you know, he basically took a bunch of down payment from me. I didn't have anything in writing, you know, and because I had trusted him from the first one and you know all the things considered, you know, it got to the point where, you know, I was upside down on this property in a really quick hurry. I was using, I think, I had a commercial. I did have a commercial loan on it, so that probably saved me a lot more than using hard money. But at the end of the day I learned who not to use and what characteristics to learn from those contractors.
Monte Reyment:I learned that if you don't know the person really really, really, really well, make sure you have something in writing and, even if you do know him really well, still put something in writing. It doesn't have to be as tight, but you know that that's definitely something you should always do is have something in writing up front. You know what does it cost, what's the scope of work. You know CCAP them, find out their backgrounds. I would have found out. You know this guy had filed bankruptcy and some other things. And so, yeah, this guy cost me about $23,000.
Monte Reyment:I ended up losing $17,000 on a flip. Some people will say not a big deal. For me it was a huge deal. But what it did as I learned how resilient I was, because then I went and you know it was either, you know, lose $17,000 or figure out another way to do some more. So I bought two more properties, basically paid myself back, sold that duplex. So between the next two flips which there was a lot of mistakes in the next two as well, but I was still profitable and then selling that duplex got me back to even, and then my fourth flip was like a $45,000 profit after that. I haven't looked back since then and I have five going right now and you know a bunch of short-term rentals, long-term rentals, so things are going pretty well.
Corey Reyment:That's awesome, man. I love that Cause I I talked to you know a lot of buyers on a regular basis and what we do at Wisconsin discount properties and you know people get into it and if they don't know what they're doing on the first one, we try to help guide them as much as they want us to, as much as they reach out, but at the end of the day people are going to do what they're going to do and they lose on that first one and then they're just like no, real estate's not for me. And what I love about what your story says is you know you can lose on the first one or two, as long as you learn from it. You might lose on the second or third, but really the only time you really lose is if you stop.
Monte Reyment:The biggest, yeah, for sure, and the biggest thing I learned is real estate, and this goes true with through everything in real estate. Whether I'm, you know, I'm a real estate broker that has roughly 10 or 11 agents that work under my brokerage now, or if you're, you know, on the other side of it and your real estate investing side, your team is the most important factor you know in real estate, hands down by far your, your team and your numbers. The houses are easy. They don't change much. Once you learn a house, you learn you know HVAC, foundations, electrical roofs, siding usually can just swap those numbers together right away and then it's just math. But people are the variables 100% of the time in any of these businesses and if you don't have a good team, like I started out, I had an okay team and then I had a terrible team and then I found out.
Monte Reyment:The biggest lesson I learned from that house in Reidsville that I lost 17,000 on was who is going to be there for me, who are my guys that I can trust, and I had some guys that came in that you know a couple of things. They taught me a few areas of mistakes, but then one of the people that was working with me through there has been my partner through, you know, the last four years. He saved me on a lot of stuff and you know we've, we've amassed, you know, over a couple, you know, like one and a half million dollars in equity between the two of us now, um, and you know, personal financial wealth just on in three years and I think about that three or four years. So that's a lot of money to make in a couple of years. That we've we've done and we're we're holding, you know, eight doors right now. We're holding, you know, eight doors right now we're about to buy a ninth and we got two flips we're about to sell.
Monte Reyment:So, yeah, it was great. So that $17,000 was really tuition for me, I think, into real estate. And then you know but you think about it, up until about maybe two years ago, I had $0 out of pocket into real estate too. Up until that point because I was able to save myself. That's awesome.
Corey Reyment:You mentioned a couple of things I want to talk about there. The tuition piece of that that's so important to think about.
Monte Reyment:I mean people spend hundreds of thousands of dollars on a degree that they're never going to use Right and they Hence the reason we're both in real estate, now right.
Corey Reyment:And we celebrate it. We go to their parties, we do all this stuff. We say congratulations, you're in debt a couple hundred thousand dollars. This is amazing. You're going to make about 60,000 a year for the rest of your life. Good job, and that's not true for all degrees, but generally speaking here. But you know, you took that 17K and you framed it as tuition and you use that as hey. That's a great learning experience. The only failure is if you went to learn and gave up. So I love that. The other thing you mentioned briefly I want to go into this now is you talked about, uh, you use commercial financing on Reidsville, one hard money you mentioned. You mentioned, um. You know that you didn't have any money into these deals up until recently. Tell the audience a little bit. What is your financing strategy Like when you were getting into this? You know you didn't. I'm sure you didn't have a million and a half dollars laying around then. So how do you, how do you start? How did you start getting these the, the, the money to finance these deals?
Monte Reyment:Yeah, so the first way that that first duplex that I bought, I did use hard money on that.
Corey Reyment:you know the and what is hard money for those that don't know?
Monte Reyment:Yeah, hard money is basically a private lender that's similar to a bank that is put in. They have basically their friends and families are funding it into one pool of money and then that hard money lender. They go through all of the regulations and everything else similar to a bank does, but they have a lot more loose lending requirements. They also are very relationship-based and they can get you cash to close in a few days so much easier when you do it but much more expensive.
Monte Reyment:Yeah, you pay for the convenience to get that money for sure.
Corey Reyment:Yeah, cool. And so you used hard money on the first one, and so did you have to have money into that duplex out-of-pocket. You said you didn't until no, I didn't have any.
Monte Reyment:I didn't have any. I even needed a mom to co-sign for me on that one. For whatever reason, even though I had a really great paying job, I still had to get a co-signer on it. So banks are very leery. If you don't have your experience down some, you have to. You can't quit, you know, because if that's what you want to do, there are creative ways to get funding. Um, so that's why I went the hard money route. I had a great relationship, you know. Introduction to the hard money lender. He felt confident enough that I knew what I was doing, even though I didn't.
Monte Reyment:And uh, he's a salesman, he's still, yeah, he still funded me and, uh, and it worked out. You know, it was one of those things. And then the next one that proved to the bank that I could handle a house get it up to speed. And then that commercial lender trusted me enough to give me a loan for that second property. What he didn't know was I was about to lose my ass on that property at which, but in the meantime I was able to find two more deals in that period of time, which then funded back that loss.
Monte Reyment:So the bank wasn't happy. They got their interest. I was very open with the bank too, which led to a lot of trust moving forward. And again, every single one of these lenders for anybody listening out there, especially on the commercial side they know things happen. What they don't want is surprises at the end of it going oh you can't pay for this and they have to chase you down or, you know, try to take your asset. You know we worked through it and they've probably seen things like it in the past. So they're more than willing to help, as long as you're upfront with them and very open about you know what's going on.
Corey Reyment:Yep, absolutely, and those relationships come in handy. When COVID happened, yeah, you know there was a lot of lenders that were, you know, feeling the stress too, but the people that you had good relationships with, you know it was like nothing, yeah. So yeah.
Monte Reyment:So back to the lending piece. I started with hard money, then I went into commercial for a long time. Ideally, I would do commercial lending as often as possible, simply because it's cheaper, right Like, like, if you have enough, if you have a longer period of time, it's cheaper. And then what ended up happening in 2020 through 2022, 2023 is I held onto some assets and then my house value. I used the HELOC, and so now I've used the HELOC on five or six properties and properties and I use myself as a bank at this point. And then, because I've built enough reputation to know that I get things done, I have private money lending as well available for me. That's a great partnership too. So there's all sorts of different lending options, and I know I covered a bunch of them. If you want me to talk about those, no, I think that's a great point.
Corey Reyment:A bunch of them, if you want me to talk about those. No, I think that's a great point and it's something I coach a lot of buyers on is make sure you have many buckets of money to choose from, because they're like chess pieces. They all have their purpose, right? You mentioned hard money being quick and convenient, and a lot of times they'll lend based off of the future value of the property, not the current purchase price, so you can get some of that rehab money, potentially plus your purchase price, covered in that you're going to pay for it. I look at them more like a partner in the deal than anything. It's like okay, if I was going to partner with a private money person, I'd give up a bunch of money. I'll only do the same thing.
Corey Reyment:Um, commercial again. That's probably my favorite just because of, like you said, if you got longer time to close, it's cheaper, they're more. They can get creative too on how they find how they structure it well, and then you don't have to use your other money, right? And then you got private money in there too, which is just like an unbelievable source, especially when interest rates have started to go up. Before it was like why would I use private money when I can just get money for three or 4%? Well, at the time we're recording this, that's not the case. So now it makes it a lot more viable. And then the HELOC is my, probably in real estate investing, because so many people have equity in their homes now and it's just dead money sitting in their house. So why not put that to work and use it for down payments or rehab cash and pay yourself back? Recycle the money, go do it again.
Monte Reyment:Yeah, I've been buying it with the amount of equity I have in my house. I would buy a house cash and then I would just start the refinance process immediately upon closing.
Corey Reyment:Yeah, that's awesome. We talk about buying and refinancing. You know you're going to get an appraisal with a commercial lender, right. What are some tips or things that you've seen help you with those appraisals? Because sometimes the lenders and those will base their loan off of what the future value is going to be as well, right, or even on a refinance, you want to have that appraisal come in as high as possible. So I know you've had some success with getting numbers where you want them to be potentially, or even above. What are some just like key tips that you could give the audience of like what you've done to help try to help those appraisals come in?
Monte Reyment:Yeah, I would think you know. The first thing is, anytime you're buying a commercial property, whether that's a single family duplex, if you're putting it into your LLC, the lending is going to be a little bit different. You're working with a commercial lender. Commercial appraisers are a little bit open mind, a little more open minded than a residential appraiser as well. I show up to every single commercial property and basically I have a game plan for my property and I'm explaining that game plan to those appraisers while I'm there so they can start seeing your vision for it. Because, again, the property is the property. If they don't know, like, hey, I plan on sticking $15,000 in replacing this deck or the front of the building. Doesn't look very good right now, but we have plans to finish the front of the building. They're going to factor that into their appraisal. And then you obviously want to let them know if you've done the rehab, like all of the things you've done, because typically an appraiser is going to look at what you purchased it for and then they're going to, you know, take a time variable. They're going to take what? The amount of work that you stuck into it and they'll say did you? You know, oftentimes they'll ask did you do the work yourself or did you have somebody else do it? Well, in our case, my business partner does the. You know, does the rehab. So our rehab costs are a lot less than they are if. If it's another way around, so having having that conversation with the appraiser while you're there, not forcing it, but just really having a conversation. Because if you go there and go, well, I think this is this and you're the guy that thinks they know everything, you're not going to get the appraisal you want. But if you go there looking at it like, hey, we're a team, let's work this out, here's my vision. Do you see this? And you can generally tell pretty quickly if they see what you're seeing.
Monte Reyment:The last one I went to I was hoping for a $375,000 appraisal. It came in at $357,000. The beautiful part about that is it's $200,000 more than what I paid for it anyway. So that was good. And then the other one was a five unit that I had we paid $370,000 for. I went there, worked through it, even gave him a tool that I use in real estate to help measure, that I use in real estate to help measure, and that $99 purchase that I made on this one app that I shared with him got me an evaluation at 685. And it was 85,000 more than I even thought that I talked to him about. So you know again, partnering with the, you know with the appraisers, having those conversations, is going to go a long way. Any appraisal I've ever showed up to, um, I've gotten a good appraisal back. You know any ones I don't. I'm generally somewhat well. First of all, I'm nervous for unnecessary reasons for a while, and then the appraisal comes back a little lower than than what I think it is.
Corey Reyment:Yeah, and I think one thing they remember is appraisers are still people, yeah, yeah, and I think one thing they remember is appraisers are still people, yeah Right. So if you're in there, like you said, if you're in there strong arming them or you're trying to bully them and you're trying to make them think that you know more than they do, these guys, they've seen a lot of properties right, there's a nuance to it for sure.
Monte Reyment:Yeah, 100%. Cause if you go in there like it's like anything else, if you're in their face, you're going to, you're going to pull back, you know, and you're either going to be offended or intimidated as a human being. There's some, there's some psychology in this. If you're just there like loose, you know talking to them and casually, and if you bring some numbers with you to prove your point you know, I always try to do that too or you know, like my five unit, I brought what my rents were and gave that to them, so they have all the information they're going to feel a lot more confident because you know your numbers. They're going to feel confident that their numbers are solid too. Then and then the banks do. The banks are ultimately the lenders at the end of the day.
Corey Reyment:For sure. I remember when I was starting out I was like can you go to an appraisal? Can you talk to the appraiser? Can you give them numbers? And it's kind of a gray area for some people whether or not to give them numbers or not give them numbers. I typically have done the same thing you've done.
Corey Reyment:Monday I'll bring comps that I've pulled because I've I bought the property for a reason right, I did my research, so it's like I know what this thing should, should be. So I want to justify that. And we've also had on some short-term rentals. For those of you wanting to get into that game on the appraisal, there's a company called air DNA where I'll pull comps for you based on how much your average daily night rate's going to be roughly and occupancy and all that sort of stuff. And I found that with some short-term rentals, just bringing a printout of that has been really helpful because a lot of appraisers this is still a new thing for them in the short-term rental game. They still don't have a ton of experience evaluating those and so giving them that data. They were just thanking me up and down for bringing them that stuff, so I've erred on the side of bringing stuff.
Monte Reyment:Ditto. Yep, if you can give them some printouts, it helps them. One. It speeds their process up too, because they're going to go. Okay, yeah, I can use this comp. I can use this comp. Most of them are still going to do their homework and you know there's some. They're they're, you know, licensed and trained for a reason, just like a real estate agent or a real estate broker is there. They have some different resources that they need to pull from and different algorithms and calculations that they have. Then that what most people have access to, but for the most part, they do comps like everybody else does. So I would highly recommend showing up at your appraisals bringing some sort of evidence, especially if you're really high on your. If you feel like you need a really high evaluation, you better come with your evidence, but don't go in there pushing your evidence either. Yeah for sure.
Corey Reyment:Now let me get your opinion on this. Obviously, you're not an out-of-state investor, but for somebody who, who I know, you've worked with out-of-state investors as an agent. So, in that same scenario, when you talk about attending an appraisal, what do you recommend for somebody who's out of state or out of the area in order to do?
Monte Reyment:the same thing, like as far as an appraisal goes.
Corey Reyment:Yeah, like how would they tackle an appraisal? Or what have you seen from some of your clients?
Monte Reyment:Yeah, I mean my. I mean, at the end of the day, they're going to get an appraisal, they're going to get an ARV, depending on their strategy, right? So if they're looking to buy, you know in in most cases where look you know, banks will look at an ARV like what's the potential in the property? Essentially is what what an ARV is. So they'll look at the ARV. Find a real estate agent that knows one what an ARV is. If you call them and if they don't know what an after repair value is, and you call them up and go hey, I'm looking for an investor friendly agent. What's the market like? Would you be willing to run some ARVs with me or for me? And they can answer that solidly and say, yes, well then, that's an agent you can at least have a conversation with.
Monte Reyment:To start. Also, too, don't take advantage of your realtors either. I had somebody send me 14 properties and wanted me to run ARVs on all 14 of them and I'm like no, I'm going to teach you how to do an ARV because I don't have time to run 14 ARV comps or you're going to pay for each one of them. So that would be. My first recommendation is find a local agent that can do that. If you're investing out of the area, you want to start building a trusted team that you may in that area to. To go through that and say, hey, whether it's a property manager that you're going to hire, um, or somebody like that, make sure you have a trusted team that that you can work with.
Corey Reyment:That's good. I love that. I love that. Um, going back to, you know the markets that you invest in. So you mentioned Reidsville. Um, you're obviously from the Green Bay. I wouldn't say obviously, because I know you're from Green Bay, but a lot of listeners may not.
Monte Reyment:Northeast Wisconsin, we'll say Northeast Wisconsin.
Corey Reyment:Is there a certain you know, when you're evaluating deals are you looking for you personally, specifically because it's of a location Like geographically it's just close to you, because you mentioned Reidsville being a little further away, but you also have some things in the northern Wisconsin area. So talk a little bit about like the different markets you invest in, why you like Wisconsin. What are some things maybe for those thinking of getting started here in Wisconsin that they should know?
Monte Reyment:Yeah, I mean my strategy has evolved and changed. It almost does it all the time. I'm not the guy that has the blinders on and I think for a lot of people I think it's a very good idea. If you're a fix and flip person, be a fix and flip person. If you're a long-term person, be a long-term person. Short-term, same thing. I'm the guy that's got the ADD, as I mentioned before, so I'm into everything. So for me, if the deal looks good and here's the key word and it has multiple exit strategies and here's the key word and it has multiple exit strategies then I'm looking into those properties, if I can figure it out.
Monte Reyment:I try to stay a little bit more localized just because I have a really solid team. I have two contractors that work with me who live within proximity to Green Bay. I don't want them taking time away from their kids or their lives and driving an hour each way each day. They'll burn out. I just know their personalities at this point. So I want to make sure that one they're constantly happy and they're in a good spot and that you know the properties are there. So I try to keep things within a half an hour to 45 minutes Green Bay on where they live. But if it's a great deal, I'm okay with paying them out a little bit more or even giving them some.
Monte Reyment:You know some sort of share in the property, whether it's a flip or whether it's some sort of ownership like the one in Northwest Wisconsin that I have is four and a half hours away, but it's got $370,000 in equity, you know, at this point. So he's okay with it and once he's done, his sweat equity is going to earn him, you know, part of that property. So and I'm and I'm great with that, he earned it, it's his, you know it's. He's going to be there more than me, it's his baby. We just happened to find it and uh and so, and he wanted a late cabin. Well, we found him a late cabin 2,500 square footer.
Corey Reyment:So awesome. Love it, man. Love it Very cool. Um, you talked about one of your most challenging deals earlier, being maybe the first one in Reidsville. Yeah, give us like a deal breakdown on one that that was maybe your favorite or your best deal. Take us through. You know what was. How did you get it? How did you finance it? What were the numbers?
Monte Reyment:Yeah, it's funny. So one of my, one of my partners just popped in this morning. Her name is Lydia, young, young girl, 25 years old. At the time I think she was 23. She was an agent working for my team and there was a. There was a. There was a house in our hometown that was actually on the market and it was listed, in my opinion, 50 to $70,000 too high. Listed in my opinion, $50,000 to $70,000 too high. So it's like one of those weird things we talk about full circle moments at Take Action Realty Group.
Monte Reyment:But I had done an open house on a property that I was flipping. The buyers went in there. They didn't like it, but they liked this house in Pulaski. So they went in there. It was listed at $220,000. And so Lydia took her buyers to this house and they said we love the house but we want to offer 130 for it. And so Lydia came back. She was not happy in the fact that it was listed at 130. So I said, lydia, I'm like you should write the offer Like they're the boss. Write the offer, just call the agent and say hey, I know this is less than ideal. However, here's the offer. Like they're the boss, write the offer. Just call the agent and say hey, I know this is less than ideal, however, here's our offer. So we wrote for 130. The buyers came down to 175.
Corey Reyment:So we're excited about this the seller said or the seller did the seller came down to 175, sorry, so they dropped 55,000.
Monte Reyment:Now the house was not finished, it needed work. It wasn't a great house but it like okay, at 175, I would have already started thinking about buying it. So then the parent, then they went back for a second showing and they countered at 140. And so we're like okay, the buyers are at 140 now. They're still 35 apart. Then the, then she. Then then they brought the family, the parents, back for a third showing because the sellers were like no, we're not going to do this. So or no, take that back. The buyers or the sellers came down to 145. So they were still 5,000 apart. So it was 140, 145.
Monte Reyment:Buyers went back with their parents and their parents and there was 12 windows in the house and they said it needs at least $50,000 in windows. Like, what are you talking about? Knowing my window guy, knowing my numbers, I know that was $6,000 to $8,000 in windows tops. So the buyers backed out at the time. Well, at that point I already know like the ARV is at least 250 on this house. We have now $110,000 in spread already because we know they're willing to go to 145.
Monte Reyment:So I just told Lydia. I said, hey, I have a home equity line. Let's just do 140 cash and see if they'll take it. And she smirked at me. She's like, no, we're going to do 130 cash. I said okay. So she submitted the offer at 130 cash. We got the house, we stuck 60 into it and sold it for 290. So, yeah, so we ended up making, between the two of us, you know, an extra 50,000. So for her, being 23 years old, to go through that and to see, you know how people operate, it was great. On the agent side of things, the house was literally half a mile from my contractor, so he was really happy. And for us to be able to get that thing flipped and turned around and you know, it incorporated a lot of people too. In a flip there's, you know, not only me and Lydia and our contractor, ben, but then there's the people that work for Ben, there's a title company, there's the buyer's agents, there's the subcontractors. So that property fed a lot of people and fed us really well. That's awesome, man.
Corey Reyment:Very cool. I love that story. That's great and I love that you have a little unique advantage over what I do as being an agent. You know you're involved in deals all day long and all that sort of stuff. So yeah, no, this has been great. Man, Tell me, this is kind of like we'll wrap this up here. What is kind of like a little fun one, what's maybe a favorite Wisconsin tradition that you love, or maybe a favorite Wisconsin place to visit or thing you love to do here in Wisconsin?
Monte Reyment:Okay, first thing I'll tell you is this in Wisconsin, when you see people wear cheese heads at Packer games, they're not from green Bay. Nobody that I know personally owns a cheese head or wears a cheese head, unless, you know, unless you go to their house, it might be buried in the upper corner of their closet or something like that. So that's number one. So when you, when you see people wearing cheeseheads, they're definitely not from Wisconsin, or at least within two hour radius to Green Bay. So, uh, I think the best parts about Wisconsin really to me. I'm an outdoors guy. So our lakes, um, are, you know, we, there's a ton of hiking trails, there's a ton to do in the outdoors in Wisconsin that are like that, are really well done and we have some really great areas. Door County, where you live, is obviously one of the most beautiful places for our state. You get to Southwestern Wisconsin and that's, you know, or the Western part of the state and it's rolling hills and you know things like that.
Monte Reyment:I think the lakes, the rivers, the outdoor activities is, you know, somewhat under, you know, overlooked I guess, but that's my favorite part of the state, it's you know, landmark field obviously is great, but favorite lake, oh man, uh, I mean I love the bay of green bay because that's close by and the fishing there is world class, but uh, my favorite lake is where we went when we were little kids Crystal Lake up in you know, boulder Junction area, where I mean that's just childhood memories that come back. And then favorite fishing lake is Aliquash, which is you know, which was another fun place.
Corey Reyment:Yeah for sure, that's awesome, man. If somebody wants to get ahold of you, Monty, either if they're out of state, they want to get started investing, or they just want to connect with you and hear your experience and I know you love helping investors too just without asking for anything in return what's the best way for them to get ahold of you?
Monte Reyment:Yeah, my number is 920-680-8532. Just say you heard me on this podcast so I get a little idea where it came from. Otherwise idea where it came from. Otherwise, you can find me on all the social medias. Monty Raymond, my real name is Andy, but most people call me Monty, so you'll find me. Monty Raymond. Look up Take Action, realty Group or tarrealtygroupcom. You'll be able to find me. Awesome man, very cool. Or check out my podcast. It's the it's your Neighbor podcast on YouTube. That's right.
Corey Reyment:Yes, we have done many podcasts. However, this is the first time I think I've been in the interview seat for you. Yeah, so it's been fun, yeah.
Monte Reyment:I'm glad I get to be on this side. It's weird. Yeah, I bet, yeah my urge is to like ask you questions.
Corey Reyment:Well, if you have a question, you want to ask it oh, you're going to flip.
Monte Reyment:This is what we do on my podcast, by the way. We get halfway through or the end of it and then we flip it. So for you, was it rich dad, poor dad, to get into real estate investing? Or because I remember we had some conversations and you, all of a sudden, you like, had this switch of like. This is dumb, what am I doing? Why am I working? And you were. You were making way more money than me, in our position too. Yeah, you're like what was it? What was that moment?
Corey Reyment:It was definitely Rich Dad, poor Dad. Yeah, we had done network marketing for like five years leading up to that and so we had gotten some, some taste of residual income. I didn't love I know. I know some people love network marketing and they do great with it and I think it's a viable business. I just didn't love it. It wasn't for me. Chasing friends and family down is the way I kind of felt doing it and it got kind of icky after a while. So I didn't love that model. So I said how do I get some-?
Monte Reyment:I didn't love you pushing those products on me. I could feel it. That's why.
Corey Reyment:I stopped doing it. But I wanted the taste of the residual income without having to chase people down and then Red, rich Dad, poor Dad. So it was like perfect timing. I was kind of seeking out some other method to and something that was going to be viable, that I could be my own boss on and do my own business. You know, like I said, I made made really good money but, as Kerry always tells me, I'm unemployable, so I always get to a run with a company where I burn out after a couple of years of coming into it, and so I just needed to be able to do my own thing. So it was probably that book into it, and so I just needed to be able to do my own thing. So it was probably that book and and then it was. It was kind of over after that, after we made the decision.
Monte Reyment:Yeah, we've both had that. Real estate's been good to both of us, that's for sure. Yeah, for sure. Good Question number two, aside from lakes and rivers, and that in Wisconsin.
Corey Reyment:What's your favorite part of the state? Ooh, you know we travel a lot, uh, out out of the state. But coming back to Wisconsin, I think you know it is. It is just a beautiful state, like just being. I mean, winter's maybe not as much, maybe short term, the first snow is beautiful and then after that I'm like all right, I'm over it. Um, so, outside of that, I think it's just the landscape, it's, it's the beauty, beauty. You know there's some really boring parts. I went to school in Eau Claire.
Monte Reyment:So driving from green Bay to Eau Claire is, yeah, that middle part of the state's a little flat and not my favorite part, uh, in some spots, but other than that, I think it's cool.
Corey Reyment:The diversity of the landscape here is cool. The uh, the people are great.
Monte Reyment:Yeah, I was going to say that would be. My second favorite thing is the people. Yeah, yeah.
Corey Reyment:There's always helpful people anywhere around here. You can find them there and there's bad apples, too, just like anywhere, but I think that's probably one of my favorite things, so awesome. Well, dude, I appreciate you being on here and taking time out. I know you got a lot going on you listening. If you guys like the podcast, you get some value today. Share this with your friends, neighbors, family, subscribe. Wherever you're listening to this thing, rate us, review us. All that good jazz, but reality that really helps us. The more people that rate, review, listen, download this thing, the more guests we can get on here. The bigger, better people we can get, the more value we can bring you guys.
Monte Reyment:So it's been another episode of the Wisconsin Investor Podcast.
Corey Reyment:Thanks for checking it out and we'll see you on the next one. Awesome Thanks. Hey, this has been another episode of the Wisconsin Investor. Thanks for tuning in. If you got some value out of the show, please go like, rate, subscribe, share, do all that fun stuff. And if you're new to investing in Wisconsin and you want to have a conversation with somebody from our team, we would love to have that conversation with you. To do that, just go to our website, wisconsindiscountpropertiescom, hit the contact us form, put a little bit of your info in there and somebody from our team will reach out and have a conversation, hopefully help you start moving forward in your investing journey here in Wisconsin. Thanks for tuning in. We'll see you on the next episode.
