All Forum Posts by: Lenore Poole

Hi Bob.

Thanks for the reply.  I called the mortgage company and was told that any capital improvements made to the property will be credited as well.  With this new information, I'm considering making some of these improvements to increase the value of the property to potentially $265-$280.  The updates, which would include a new garage, would cost about 30-35K.  I think your comment about taking what is available today as tomorrow's riches are never promised is key.  Additionally, I am a Realtor so I would also save some monies in terms of a commission payout.  Am I being greedy?

I have a single family home that I've been renting for the last five years.  Currently my mortgage payment is $800 and expenses another $200 a month and I receive $1,600 a month in rent, so I profit $600 a month.  Here's my question.  The home is starting to require repair that could really affect my profit, so I'm wondering if it's time to sell while the market is hot and inventory is low.  I currently owe about $95,000 on the property and could probably sell it today somewhere between $200,000-$225,000.  So there is another part to this equation.  I completed a SAM loan modification (Shared Appreciation Modification) that states I will need to pay 25% of any appreciation on the property if I sold or refinance.  With that said, is it worth selling or continue to hold out to build up more equity in the property. 

I probably won't start looking until spring. I knew to this market and still researching.

Hi Shawn.  Thank you!!!!!

Hi

I am looking to network with real estate investors who has experience flipping properties.  If you are in the Lockport, Lemont, Romeoville, Darien area or certain communities in Chicago, I would like to meet with you.  I am a Realtor in the Lemont area, however, I have rental property and have also flipped properties in the past and am now wanting to work less as a Realtor and grow my real estate investment portfolio.

Lenore