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All Forum Posts by: Adah N.

Adah N. has started 29 posts and replied 284 times.

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Mike Dymski

No surprise renovations, my estimate assumes the current condition and value is based on houses in similar condition.

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Matthew Irish-Jones

I would say if the market went up 15% over the next year or 2 I would be glad I bought it. But no one knows tomorrow, hence we buy for what it is worth today?

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Michael Gessner

Thanks Michael, it will not cash flow without house hacking. If prices continue to rise perhaps after 3 years. Yes, I knew going in it would not cash flow without house hacking.

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Bill Brandt

I agree I have lost by not buying at least 9 months ago. That is why I hesitate to pull the plug on this one.

My estimate of value is simply based on 4 recent sales in same neighborhood. Two in similar condition sold for 25k and 30k less. 1 upgraded one sold for15k more another 30k more. It will cost a lot more than 30k to upgrade to similar upgraded ones.

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Bud Gaffney

Thanks Bud. You mean yes to “overpaying is standard in this market?”

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Sunny Alexander

Thanks Sunny, interest rate is good and it appraised. We are going to house hack it the first year. The only way it has meaningful cashflow is to house hack it, we knew that going in. Otherwise we are looking at only a 2% cash on cash return.

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Jonathan Greene

Is this the Jonathan Greene?!!! Thanks Jonathan no blame for anyone but myself. I think in RE everyone makes a mistake at sime point? When you realize you are about to make a mistake does it make sense to go ahead and ride the wave anyway or back track. And in this market is 10-15% overpayment even a big deal?

Post: Is Overpaying Standard In This Market?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

House is in a B neighborhood in Atlanta area, purchase price is 370K. I thought I was overpaying a little, perhaps 5-10k. However, I see now it is closer to 25-35K overpayment. Worse, I wanted a house that was move in ready, this one is not. I still have to deal with the hassle of repairs/upgrade, exactly what I was looking to avoid right now. It is too late to back down without losing my EM(4K).

Yes, it appraised but what the heck are appraisers doing? Is overpaying by 10-15% a big deal or is it pretty much standard in this market? Did you go back and ask for a reduction knowing seller had the upper hand? Have you backed out even though it meant losing your EM?  How did it work out for those who moved forward? For those who moved forward what did you do to make up for the mistake? When is walking away the lesser of two evils?

Post: How much to spend in renovations if rent would go up by $200?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142
Originally posted by @Ali Ahmed:
@David Stumpf @Bjorn Ahlblad @John Warren Thanks for all your inputs. I got started on the renovation project and the popcorn ceiling was removed today. Plan is to get the work done in a week and start marketing the last week of August. Hoping we get tenants immediately.

Hi Ali,
reviving your 2 year old post. Curious about the renovations you made? Did you get the rent and ROI you were seeking?

Post: Landlords - Should You Reconsider?

Adah N.Posted
  • Investor
  • Atlanta, GA
  • Posts 293
  • Votes 142

@Adah None

No one wants to touch this?