All Forum Posts by: Christine Z.

Hey All! I value your expertise and opinions so I'm hoping you can help me figure out the best way to sell our place in Harrisburg, PA.

It's a single family town home- 3 bed/2.5 bath. We have an FHA loan on it and still owe about $113k. It rents for $1150/mo but market rent is closer to $1250 (We are planning on raising it to $1200/mo starting March 1). We've had the same tenants in there for 5 years, they pay on time and take good care of the place (they planted flower beds, had a fence built and rented a pressure washer to clean the exterior, with our permission of course). It's a relatively newer home so we haven't had a ton of maintenance- we've repaired the disposal and dishwasher and replaced the fridge over the last 5 years.

Unfortunately, for us, it is a break-even situation because of when we bought it.  We'd like to sell so that we can pursue other opportunities.  For someone else though, purchasing at $113k would be a cash-flow positive situation.  

Does it make sense to allow someone to assume the loan?  They'd have 9 years of the loan paid down, but they'd be in the same break-even scenario as us.  Or, is it attractive to allow traditional financing on this deal for someone who doesn't have the ability to do an all cash purchase?  

I usually had two jobs, sometimes 3 during college.  I waited tables, found a job as a telemarketer that was only 3 hours a day so I could squeeze it in between classes and evening restaurant shifts and I cleaned houses. 

I certainly don't think you have to go to college to be successful, but I think you can see a pattern in people especially from that age since it's the first time people are generally "on their own" so to speak.  Some people party and take 6 years to graduate, some people work 3 jobs and graduate early.

I will say, I wish I had done an internship in college- there were some really good opportunities that I didn't take because they weren't paid and I was paying all my own bills and buying my books (I had a scholarship so fortunately I didn't have to pay tuition or take out loans).

I'm curious about this too- I've been looking in Grand county but the numbers don't make as much sense.  Thanks @Jon Crosby coming in strong with the Everbooked info! 

Hurricane might be better than St. George- my neighbors have a place in St. George and they break even on it (though it is really nice and one of the larger properties on Airbnb, so they might have better luck with a smaller place)

Hey @Pete M. ! Welcome to BP!  And huge congrats on your upcoming baby- it is a HUGE life change for sure but in the best possible way! 

Who are you connected with in Harrisburg?  We have a rental there and I'd love to pick a few brains about the area.

All the best in 2018! :)

Love the laminate and the resurfaced cabinets in the kitchen! Nice work!

Also glad to know you got things squared away with the initial appraisal-- that would have royally freaked me out and I would have done the same thing- turned to the BP forums! :)

@Rick Watt sounds like an amazing first deal! Congrats!  I think he should have cleaned it up, but I would consider it a learning experience- if it's not in the contract, it's probably not happening.  That happened on a deal I did in Nashville where there was TONS of stuff in the basement (drywall, bathroom fixtures, a tanning bed (???!)) and we had it in the contract for the seller to clean it out.  It was still there at closing which was super annoying but he did end up coming to get it 2 weeks after close.  

Congrats again- Aurora is a great little suburb :)  I may have to check out the market there myself!

Hey Brad, from the sound of your numbers, that's really good cash flow so I'm glad it's all getting resolved!  I think sometimes you gotta do what you need to in order to close the deal.  I would have put it back on the agent and told him he needs to reduce his commission or donate it to the seller because it's on him for not explaining what the seller would net.  In reality, they got a higher offer and wanted to try to get out of the deal but you had the signed contracts!  Good for you!

Hey Brian,

Have you tried calling the board of realtors in FL?  I moved from TN to UT and there is no reciprocity so I would have to take the coursework and exams here in UT, but at least I was able to plan in advance.  Best of luck!

Sounds great Jimmy,  I think you're right and that the market is ripening there.  My husband bought the house before the crash so we were negative cashflow for a while.  We're just reaching the break even point with our equity now but at least it's positive cash flow! Wishing you the best of luck- keep me posted! :)

Welcome Jimmy!  I'd love to hear your thoughts on how the market is doing out there.  We became accidental landlords because my husband bought a townhouse there before we got married but we've had the same tenants for 5 years and they're actually great.  It seemed like a depressed area for a while but looks like it's turning around.  Are you looking in any specific areas?  Wish you all the best!