All Forum Posts by: Chad W.

@Dawn Brenengen We are looking at buying a cheaper house with much more equity/ or 2 quality rentals one we live in and one to rent. 

I know the houses we are looking at might be up in price as much as ours has risen, but the cheapest thing in our zip code is 100k more than what I paid.

Thanks for different perspectives. 

@Austin Youmans - What would I do with the money? We found 3 potential opportunities within the past 2 days that would be a competitive reinvestment of any equity. Unfortunately within hours of coming on the market 1 was UC.

@Adam Schneider - Paying taxes would not be fun, but I am unsure how long this buying frenzy will last... If I can capitalize on luck/ a good buy and put it to work even with taxes it may be a good opportunity. After mulling it over we are thinking of taking your approach and listing it where we would be happy to sell and see if someone bites. If not I still have a great house to live in.

I need a sanity check, or more what am I missing. 

In Raleigh NC. I bought the house in March, the house next door just closed for 130K more than what we paid. It is 4/2 and 40 sq ft larger no garage. Mine is 4/2.5/ garage. The house across the road is ~600 sq ft smaller a 2/2 no garage and is under contract for 40k more than what I paid.

I am seriously considering putting mine on the market. If I can make 80-100K I feel like I may be stupid not to.

What am I missing? What am I not taking into consideration? What are the tax implications since I have not owned it a year?

I would like the details also please.

@Candace Berry

While I agree with @Joel Owens about much in his post There are several for sale on that street.

214 a sq ft but it looks modern with lots of contrasting color

You at 205 a sq ft, it is well done on the inside but there is no life to it, and the outside is painted brick, again nothing vibrant there.

184 a sq ft is pending, it is more modern and obviously something was attractive

160 a sq ft, it is not as nice and refined as yours but also much cheaper

Don't worry about the commission split, at 2.4 % the buyers agent is looking in the ball park of 18k you are not losing deals because of the commission. Truthfully if a buyers agent is marketing properties base on split % and not the buyers needs they are not fulfilling their responsibility to their clients, I am not saying it does not happen, just that it shouldn't.

"Unique" or "character" may sound great but I think it all comes down to $

Again I do not want to diminish the hard work and effort you have put into the property, but it is overpriced.

Amazing work, If you ever need a monkey to run errands and that just wants to learn I volunteer as tribute.

@Mark Scott

From what I have seen the single biggest factor in Fayetteville is schools. It is easy to find cheap houses in the bad districts, but much more difficult to get good people in them. The life blood of Fayetteville is the military and most of the more discerning from this group care about the schools, those that don't are probably not the best tenants.

If you want cheap, the house next door to one I own is abandoned and has been for more than a year.

@Patrick Holecek

I have spent several years at Bragg, and own there.  If you have any questions about that area let me know. Especially for the family and some areas they may want to avoid... 

You can drive for dollars with a VA. I know it depends on lenders but it has taken more than 50 days for my most recent VA to close, this Thursday hopefully. That said depending on what kind of deal you are wanting to structure will help determine your options. Just make sure the property will pass the VA inspection, that can be a deal killer.

I have made purchase both with and without an agent, my recommendation is if it is on the MLS use an agent the payment is already factored in, if it is a private deal make it happen yourself. That being said since this is your first time, find a mentor or use the attorney you choose as a sounding board for things to watch out for or do prior to closing, sometimes it is worth paying for good information it can be cheaper than learning the hard way.

I do not have specific experience with wifi locks on my house, but do have significant experience within the real of wifi security. It may not be an issue, but having access to your properties through wifi allows other as well as yourself to monitor and access these boxes. The same way any ip based camera can be viewed by the right people so could a lock.