All Forum Posts by: Anthony Simboli

@Eric Black Yup that makes sense. Unfortunately we have not had the best, most detailed feedback but I will try to get some more information from the agent about what exactly about the layout so we can factor in the cost of those potential changes into how much we decrease the price of the house. Will likely consider dropping price soon so it's just a matter of how much for the first drop. 

Appreciate your input.

@Marlen Weber thanks for your input. That's been the challenge as well is understanding the impact of the COVID crisis on the buying/selling. It still seems people are buying and selling but the inventory of homes has decreased which I though would play in my favor given the people still wanting to buy had less options which would push them towards my place. Will definitely consider your suggestions

Hi @Eric Black,

Thank you for your response. Your information is just further proving what I have been thinking may in fact be the underlying issue. I have been assuming the price may be a bit too high but it's been hard to try and figure out what the actual value of the home is. Do you have any suggestions on how to figure out what the true market value of the house is? I've had mixed responses on the value by assessors since the layout is in fact a bit strange and it's hard to find comps. Even just looking at what has sold it's very difficult to find a comp on this particular house. 

Any suggestions on how to identify the true market value and how to best lower the price when we are continuously getting asked for private showings. I feel like I'm competing against myself on price but want to make sure I drop the price appropriately in order to get an offer quickly. 

Thanks again

I'm writing this in hopes to find some guidance on why a single family property I have is not selling. A little information is below.

Location: 8 Faulkner Avenue, Wilmington MA 01887

Days on Market as of 4/27 (47days)

Current Status of Single Family homes for sale in Willmington MA - Currently this house is the cheapest (move in ready) house on the market at $419k. The only other house cheaper on the market is a cash/rehab loan only property.

Showings so far - 2 open houses right before COVID shut things down. 

Multiple private showings are being requested each day. Feedback has been they don't like the layout of the property. However we paid to have the house staged.

Renovations have been completed and big expenses have been taken care of (i.e. new furnace, new staircase, updated rooms, newer deck etc.)

Could anyone provide some guidance on what we can do to get an offer and why we may not be getting an offer even though all things point to we are priced right. (i.e. highest viewed/saved house on zillow in that town, cheapest in the town, multiple private showings per day) 

Thanks so much!

@Bob Okenwa Thank you for the response. I will have to look into the home improvement loans and see if that is something I can apply for. We have quite a bit of work to do so I'm not sure how much I will be allowed to borrow for all of the remodeling.

Thanks!

Hey guys!

It's been a while since I've been on but it's finally time for me to remodel my first multi family that I purchased. One thing that I've been struggling with is different strategies to fund this project. It will likely be a fairly large and expensive project. This project will include siding, windows, removal of walls, bathroom/bedroom/kitchen remodel. I've spoken to my current loan specialist (I have an FHA loan) and they were not too clear on avenues I could take to fund the project. I most certainly will not have the cash upfront to pay for this.

Does anyone have any suggestions about how I could go about looking at strategies for funding this project? Ideally I want to have the place remodeled so that I can eventually move out and rent out both units instead of just 1 unit. I want to make sure the home is in move in condition before I depart.

Thanks in advance for all of you suggestions and help! Also, I'm currently living in Malden Massachusetts.

@Marcia MaynardThank you so much for this information. I will certainly take all of this into consideration as I am preparing the addendum!

Thanks again!!

Hi All,

I've been a landlord now for about 6 months and so far have had a great experience. I do however have a tenant that would like to add a washer and dryer unit to their apartment. The apartment came with hookups but we said that we would not provide a washer and dryer. They have since bought there own and we are more than willing to let them use it however we would now like them to pay their portion of the hot water bill. 

My question to you all is, should I have them sign a written statement disclosing that we are now allowing them to use a washer and dryer as long as they pay their portion of the hot water bill? Also, should I include anything insurance related if something were to become damaged in the property due to the washer and dryer?

Any and all help would be greatly appreciated!

*Side note, they have already agreed that they are more than willing to pay the extra money!

Thank you!!

Hey guys,

I'm officially two weeks out on closing my first multi-family property. I'll be living in one of the units as well. Just wanted to get anyone's thoughts on some final things they do before the big day. Any small things you guys have forgotten or wish you had done differently before the move? Any last minute prep ideas?

Thanks all for the advice over the last year or so. BP has had a great impact on this journey!

In preparation for our move into our first investment property (which we will be occupying) I was curious if anyone had some information on some options for the renters to make payments. We will likely be doing checks only however are there any SECURE and trusted direct deposit applications that have been an easy transition for payments? Please let me know what you've used in the past and your experience.

Thanks in advance