All Forum Posts by: Imebette Barkley
Imebette Barkley has started 7 posts and replied 42 times.
Quote from @Sara Frank:
Would recommend going with the renovated one if you're newer to investing, maybe try to negotiate the price down if its been on the market a little longer. There's a lot of variables to what you're saying but my general consensus is that it's really tough nowadays to keep a renovation within budget unless you know what you're doing/have your own GC
Quote from @Russell Brazil:
Quote from @Imebette Barkley:
Quote from @Russell Brazil:
Quote from @Imebette Barkley:
Quote from @Michelle Crochet:
It depends on your specific goals and financial situation. If you have the resources and desire to do the updates yourself, buying the cheaper home and renovating it could potentially save you money in the long run. However, if you don't have the time, skills, or money to do the updates, buying the fully renovated home may be a better choice.
As for selling the home for a profit, that will depend on the local real estate market and factors such as location, demand, and economic conditions. Using the home as passive income by renting it out could be a viable option, but make sure to carefully consider the costs and responsibilities of being a landlord. There is also a choice of not choosing either of them because of the factors stated above; you will need to consult your local agent for professional help in order to get more clarity since they know your local market more.
Overall, it's important to weigh the pros and cons of each option and consider your personal goals and financial situation before making a decision; do seek help from a local agent :) Hope this helps.
Do you by chance know any reliable realtors in Maryland?
Where in Maryland?
Baltimore and surrounding areas
Reach out to @Sara Frank
Thank you
Quote from @Dave Skow:
@Imebette Barkley- thanks 1) is this to be a primary residence or investment property ? 2) I would lean more towards the fully remodeled property and try to negotiate the price down a bit .....updating a 5 bed room home can add up depending on the scope of the projects 3) if the goal is to rent out the 5 bedrooms you can also get the rentals started immediately and not have to wrestle with the repairs / upgrades 4) if you are needing to use financing - make sure you have your loan pre approval solidly in place
I want to thank you so much for this response, very very good information here a lot of things to consider..... and honestly i think the house will appreciate because like i mentioned to another person, the area is being remodeled by these big name hospitals that are pouring money into the community. There is a lot of opportunity. Again thank you for your time
Quote from @Russell Brazil:
Quote from @Imebette Barkley:
Quote from @Michelle Crochet:
It depends on your specific goals and financial situation. If you have the resources and desire to do the updates yourself, buying the cheaper home and renovating it could potentially save you money in the long run. However, if you don't have the time, skills, or money to do the updates, buying the fully renovated home may be a better choice.
As for selling the home for a profit, that will depend on the local real estate market and factors such as location, demand, and economic conditions. Using the home as passive income by renting it out could be a viable option, but make sure to carefully consider the costs and responsibilities of being a landlord. There is also a choice of not choosing either of them because of the factors stated above; you will need to consult your local agent for professional help in order to get more clarity since they know your local market more.
Overall, it's important to weigh the pros and cons of each option and consider your personal goals and financial situation before making a decision; do seek help from a local agent :) Hope this helps.
Do you by chance know any reliable realtors in Maryland?
Where in Maryland?
Baltimore and surrounding areas
Quote from @Theresa Harris:
What is the after reno value of the fixer upper and how much will renos cost? If the 138K home will take 35K to renovate (using your higher numbers) and sell for 189K (using your lower numbers, if you are looking to buy and hold, that would be a better option. If you are looking to flip it, the numbers are too close once you factor in possible overages, holding costs, commissions and fees.
Quote from @Michelle Crochet:
It depends on your specific goals and financial situation. If you have the resources and desire to do the updates yourself, buying the cheaper home and renovating it could potentially save you money in the long run. However, if you don't have the time, skills, or money to do the updates, buying the fully renovated home may be a better choice.
As for selling the home for a profit, that will depend on the local real estate market and factors such as location, demand, and economic conditions. Using the home as passive income by renting it out could be a viable option, but make sure to carefully consider the costs and responsibilities of being a landlord. There is also a choice of not choosing either of them because of the factors stated above; you will need to consult your local agent for professional help in order to get more clarity since they know your local market more.
Overall, it's important to weigh the pros and cons of each option and consider your personal goals and financial situation before making a decision; do seek help from a local agent :) Hope this helps.
Do you by chance know any reliable realtors in Maryland?
Quote from @Michelle Crochet:
It depends on your specific goals and financial situation. If you have the resources and desire to do the updates yourself, buying the cheaper home and renovating it could potentially save you money in the long run. However, if you don't have the time, skills, or money to do the updates, buying the fully renovated home may be a better choice.
As for selling the home for a profit, that will depend on the local real estate market and factors such as location, demand, and economic conditions. Using the home as passive income by renting it out could be a viable option, but make sure to carefully consider the costs and responsibilities of being a landlord. There is also a choice of not choosing either of them because of the factors stated above; you will need to consult your local agent for professional help in order to get more clarity since they know your local market more.
Overall, it's important to weigh the pros and cons of each option and consider your personal goals and financial situation before making a decision; do seek help from a local agent :) Hope this helps.
Wow i would first like to thank you for this well thought out response it was very genuine. It was the response i would want when talking to an mentor or someone with the "know how". I appreciate your time and ideas i will take everything you said into consideration moving forward. Again i truly appreciate your response it put a smile on my face.
Quote from @Ke Nan Wang:
@Imebette Barkley Just curious, what's driving you to make these purchase decisions? Feel like they are just market price to me so if you want to make money, the market needs to appreciate a bunch. Are you looking to park the money at some place and just want to make money in cash flow? 1031 exchange? Worrying about the US Dollar crashing so need to get into RE ASAP?
I havent purchased any of these properties, it was just a hypothetical question. The properties are in areas that will appreciate due to gentrification of that city.
Quote from @Devin James:
Hey Imebette Barkley,
There can be a bunch of different reasons why. The buyers could have asked for a price reduction and/or incentives that the sellers didn't agree to. Maybe the home didn't appraise as high as the buyers thought. The buyers could have bought a new car which could have lead the lender to not finance the deal anymore. Your best bet is to contact the agent and ask. Not only will it answer your questions, but its also good practice to call agents as its a great way to learn the lingo.
I really do appreciate you taking the time to respond to me. Your response was genuine and insightful. Thank you again hopefully as i grow my portfolio i can work with you in the future.
Quote from @Eliott Elias:
This could be for any reason, realtors are typically transparent about this.
Thank you i really appreciate your response some people are just mean on here lol