All Forum Posts by: Morenike N Allen

Its hard to give solid advice with more details, but on the face of it this does this doesn't look like a great buy at $515k. If the house needs renovation to make it "complete", and is only worth mid-$400ks after repair, then $515k sounds like you'd be overpaying.

Some mitigating factors might be (1) if this is a rapidly appreciating area and that is your primary objective, or (2) you intend to live in one of the units and are willing to pay above market value because its a place you really want to live in.

How does your Realtor justify their advice to offer so much over what you think the ARV is on a house that still needs work?

The houses in the area tend to sell at least 30k over asking and I intend to live in one of the units. While it is not the most desirable neighborhood and on the higher end of my budget, its location makes it appealing. The owner says that the house will be finished and turn key ready before closing but I am wondering how the overage will impact the equity.

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Jersey City, New Jersey

I'm in the market for my first house hack and have identified a property that I like. The asking price is 499k and my realtor suggest making an offer of 515k. The estimated value of this renovated multi fam, is 399k-469k. The house is about 90% complete and has an open house over the weekend. Considering the competitive nature of the market, is 515k a wise offer?

1 Vote

Jersey City, New Jersey

All Forum Posts by: Morenike N Allen

Morenike N Allen has started 1 posts and replied 2 times.

Post: Making an offer on a house hack

Post: Making an offer on a house hack