Investor · Alpine, UT · Member since 2014 · 8 posts · 2 votes
Hello, I am Steve Shin and have been lived in and around Bellevue, WA for 13 years.
I am 37 year old man who just decided to become a full time real estate investor, thanks to biggerpockets podcast, and currently running a corporate housing business for almost 10 years for living.
I have greater interest in multifamily apartment, and look forward to learn from this wonderful biggerpockets community.
Investor · Alpine, UT · Member since 2014 · 8 posts · 2 votes
8y
I didn't do any for real estate last 3 years. Instead I started a business outside of US and failed and lost everything.
All I have is a house in Renton highland and want to sell currently off market.
I am out of cash and already behind mortgage. I received mortgage pay-off quote at $414,227, and my neighbor house few doors next to us with exact floor plan sold at $710,000 last month.
What should I do? I can put it on market but no cash to paint walls and change carpet. I can put my house as-is but feel like losing money.
Ideal situation for me would be get some front cash for my house and move-out and fix and sell it.
Seattle, WA · Member since 2017 · 275 posts · 223 votes
8y
Assuming your home only needs basic spit and polish (paint, carpets, a quick landscaping job, etc) I know some people on this site might bristle at the suggestion but your best bet might be to find a listing agent willing to spend some money up front on those things (to be paid back along with selling commission) in hopes of getting the home to sell for substantially more. If the house needs a lot more than spit and polish, you are probably better off just selling as is. These days not all agents/brokerages charge the full 6% so shop around and you may save a few thousand.
Otherwise, I guess the question might be are you just starting over with no assets and liabilities other than the house, or are you needing to sell in order to pay off other debts to get back to a clean slate? Maybe you just want to get the hell out of there. Do you have a job (or reasonable prospects thereof) that can allow you sufficient income to keep the place if you wanted to? What if you rent a couple rooms? Assuming you have a reasonable interest rate, the payments shouldn't be too bad on a 400k-ish balance, especially compared to anything comparable you might try to replace it with in the same area. Renting a room or two would make a big dent in a $2500-ish (just guessing) monthly mortgage payment.
I didn't do any for real estate last 3 years. Instead I started a business outside of US and failed and lost everything.
All I have is a house in Renton highland and want to sell currently off market.
I am out of cash and already behind mortgage. I received mortgage pay-off quote at $414,227, and my neighbor house few doors next to us with exact floor plan sold at $710,000 last month.
What should I do? I can put it on market but no cash to paint walls and change carpet. I can put my house as-is but feel like losing money.
Ideal situation for me would be get some front cash for my house and move-out and fix and sell it.
Oh whoa. I was hoping to hear that things are going great for you. Sorry to learn you are facing all this.
I may be interested in your place or would like to help if I can. Feel free to message me.
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
8y
@Steve Shin Welcome to BP and congrats on going full time my friend. With respect to your strategy are you in a position to leverage conventional financing considering you are no longer a W-2 wage earner?