All Forum Posts by: Nick E.

Hi Aaron. I haven't really thought about my goals in real estate. One of my personal financial goals is to own my home free and clear, no mortgage payment. Since I already own it it seems like a good place to start. Having some rental property would be nice too but I want to build some equity in my primary home first. So right now I'm thinking of flipping my current home, doing another live in flip and then maybe using some equity to buy a duplex. I'm open to ideas and suggestions.

Mike,

Yeah this market is nuts. I sold my last house for over asking price, with competing offers and it was near the homeless shelters. That was a year and a half ago and I don't think the market has slowed down since. I guess I'll reevaluate next spring.

Hey Joe

I'm with you on the upgrades, I did not care for the builder I used and won't be going back to them. 

For the basement, I am permitted and this November will be two years in the home. I see you're local, I'm in the harmodon park area. I think I'll try to sell next spring and see what happens. Either see if I can find something similar new if the costs aren't too bad, or see if I can find a house in the tuthill or tomar area that needs updating or a basement finished or both. 

Also, my goal is to improve my equity position and get to the point where I don't have a house payment. I appreciate the advice. To keep my wife happy while doing this I'll make sure that it's always a place we want to live in. Thankd

Bob, the market in Sioux Falls is tight right now. Not much inventory available. I think I would be fine because I'll be doing some forced appreciation by finishing the basement. In any case I'll be fine because I bought this house to live in originally, I don't need to sell. I got the idea to flip it after talking with my neighbors. A lot of them are finishing their basements and paying $40k or more to do it. I think I'll have it done for $15k by doing it myself and with friends that are in the trades. Comps in the area are around $260k or more. I think my question is if this is something that is repeatable. 

Thanks Patti. I live in Sioux Falls and it is an appreciating market. The demand is high and the 150-250 market is crazy right now. Most houses in that price range are not on the market long and many receive multiple offers. 

In a market like this, how would that affect my plan? The same house I bought, from the same builder, two blocks away is listed as a spec at $230 without any upgrades. I added a fence, sprinkler system, solid doors, etc and was out the door at 220. Without upgrades it was $205. Would it make more sense to stay with new construction and easy basement finishes, or find the worst house in a nice established area and rehab it? Buy the base model or add options? 

One last thing, I've just been paying as I go to finish my basement. Should I refi and take some cash out to finish it quicker? That would also eliminate pmi. Just not sure if that's the way to go if I sell next spring. I would only need about $5k beyond what I already have. Thanks!

Hi, brand new here and had a couple of questions. I had this idea the other day and now I can't stop thinking about it. I currently own a home that I bought new construction. I have lived in it for about a year and a half and am currently finishing the basement. I owe $200,000 it's worth $230,000 and after the basement is done I should be able to sell for 260,000 or more. I know a lot of people in the trades and how to do some of my own work so I should be able to get my basement complete for less than $15000. Finishing the basement doubles the square footage and adds 2 bedrooms and a bathroom. The question I have is if it would be a viable strategy to sell my house, take the money and buy another that is similar new construction, finish the basement and keep repeating? I can't really find any holes in this plan, worst case scenario is I stay in a similar house with more equity. Am I missing something or would it be this easy? I would  buy and sell without a realtor. I have a mentor that has multiple rentals and he is willing to teach me. I would look into some rentals after doing this a couple of time and building equity. Thanks in advance for any advice.