All Forum Posts by: John Warren

@Tim Porsche I have a good investor friendly mortgage guy if you need one for this strategy. In fact i was just discussing this strategy with him last week over breakfast. Let me know if you need his info.

John

I just went through the same thing with my new four flat. I opted to do a small increase as turnover would kill us at this point!

@JD Martin @Mark Gallagher

Thanks again! My wife and I may have made the wrong choice not to stage... Only time will tell I guess. We also Mia have made the wrong call on the trim upstairs. I almost painted it white, but then a friend was saying how nice the wood looked. I personally Have hated it forms day one!

The kitchen was done long before we considered making this change. We would definitely have done generic colors/granite/stainless if we had thought we would sell... Live and learn I guess!

I also forgot to mention that there is just over six months inventory in my town, so it is definitely a "buyers" market 

@Michael Woodward

@Mark Gallagher

@JD Martin

Thanks for the advice. I  am definitely considering dropping the price again. 

I just realized that I can easily post a link to the zillow add. At least then you guys can see the pics! Here it is.

http://m.realtor.com/#details?property_id=74459953...

@Michael Woodward thanks for your thoughts! Our neighborhood is challenging since no house is identical and many homes are a lot older. Most of our comps are in bad locations to, but it is definitely possible I started too high. Would you drop in my situation going into he holidays, or wait till January/February time?

@JD Martin thanks for the feedback! I have my license and  trying to be very objective about price. Our home is a five bed/ 2 bath priced at 329,000. I have been inside all of the competition homes in the last week, and most of them are priced 30-40k higher. 

I definitely am trying to gage whether this is just the "time of year" or if I am too high

Hello BP community,

I am currently in the process of selling my own home. My wife and I have rehabbed it over the last three years, and now we are going to sell and use the profits to house hack!

The house has been on the market for a month, but there has been no traffic this last week. The first two weeks saw tons of traffic and over 25 people between two open houses.

We are priced fairly competitively (only two comparable cheaper in our town), bit I am wondering if I should start dropping the price. We are located in an A neighborhood with VERY desirable schools, but on a busy street by the train. 

What  would you all do? Drop the price to repopulate on Zillow, Trulia, etc? Leave it alone because it's the Holliday season? We really want to sell so we will have the capital to accelerate our investing.

@Brie Schmidt

I had forgotten about the recent changes that make PMI permanent. That is a big down side for investors looking to leverage with FHA mortgages

Tons of great info from @Brie Schmidt

My wife and I used an FHA with 3.5% to get into our first house. We are about to sell and use another FHA to purchase a small multifamily. The thing to remember is that the PMI doesn't go away for a LONG time. If you factor that in and are happy with the cashflow/assistance paying the mortgage then that is fine. We ended up doing a cash out refi on our property to pull money to buy a property (all appreciation! no real money we had put in). That was probably the only way we would have gotten rid of the PMI short of me picking up two more jobs.