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All Forum Posts by: Account Closed

Account Closed has started 12 posts and replied 157 times.

Post: Do you Remove Wallpaper in a Rental?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Can I paste an MLS pic here? Just to provide a visual example?

This makes me dizzy. There are borders on the bottom, around the sink and up top (green leafy stuff going on). 

I'm not purchasing this, but have seen plenty of homes with similar tastes.

Post: Do you Remove Wallpaper in a Rental?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

@Peter MacKercher 

I've never removed any wallpaper myself, but have heard from countless friends that it can be a mess and time/soul-sucker. One might have lucked out when his wallpaper came off neatly in sheets, but that's more exception than norm. 

So yeah, I agree w/you, @Colleen F. & @Account Closed  unless it's in bad shape and horribly overpowering, wallpaper can stay.

Thanks, guys! 

Post: Do you Remove Wallpaper in a Rental?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Just curious here...I know wallpaper is very subjective. 

For my own primary residence, I would not put in wallpaper and if moving into a new-to-us property, will remove already existing wallpaper even if it is in good shape. Wallpaper is just not me.

For a rental, though - if you purchase a property with existing wallpaper, would you leave it or remove it? Obviously, if the wallpaper is in bad shape, then no question - it's got to go. 

But if the wallpaper is in fine shape, what would you do? 

Post: Latest BiggerPockets Tag Team Deal - Hoarder House

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Wow.

1. good deal - congratulations to all members involved, nice teamwork!

2. before pics - couldn't help it, but I had some immediate visceral reactions. YET, extremely fascinated & could not look away at the same time...

3. after pics - night and day. whoa.

curious @J Scott 

did your team find any rodent/bug issues due to the mess?

Post: Buy retirement home now?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

@Michael Jobe 

Thanks for the tip re: mentions! 

As far as price point, $100k would be what's available for the downpayment with traditional financing. Is that what you meant, as well?

Post: Buy retirement home now?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Aha! Just managed to figure out the mention feature! Ok...onward!

@Shane Pearlman - ton of thanks for your thoughtful & thorough response. Your parents call seem to have been on point - congratulations! What a fantastic move! In answer to your questions:

1. Does 100k get you the house you would actually want to retire in within today's price range? We've been snooping around on Redfin a bit, so we have yet to do an in depth search. At the moment, it seems like we would be able to get what we would like. The property won't be all done up like the home of our dreams and that's ok because it would be a nice rental. We expect to do some upgrades at moving time with any property we purchase now. Even if the property was bright and shiny new now...it won't be so much 15 years from now, when we go down there. Even if we spend the whole 100k on the purchase, we would not purchase a 500k property. That would be make a horrible rental, numbers-wise with really negative cash flow. Even if we spend 100k, we would target the 300k range, I think. Or flip side, if we target 300k-ish property range, then we would only spend 60k as downpayment with small upgrades, if any, on the side.

2. What is your planned retirement time frame? 15 years or so. Not sooner than that.

3. What are the odds you would change your mind? Not likely, although who can say with 100% certainty? Barring unexpected major life changes, we feel confident with our trajectory.

4. What does the market cycle looks like right now? Over heated? Stable? In a dip? I'm in no way an expert on this, especially since we don't currently live down there. Based on what I know, I believe the market is stable. The job market is wonderful (a lot of tech, gaming, medical, education, etc.). Population growth is on a tremendous upswing with a lot of transplants from other states. Schools are fantastic, medical facilities are top notch. Any locals/experts with more or differing information and insight, please chime in! 

I agree with you and @Kent Verge - if we find a good enough deal on the right place, we should move on it. It will get us into the area we want at lower rates. 

Post: Buy retirement home now?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Thanks everyone, for your thoughts and insights!

Our approximate retirement time frame is 15 years from now, so we are thinking about some time away :)

Lynn - you bring up very valuable points. I believe with #1, the best scenario would be to break even, with some loss likely.

Dawn B. & Elizabeth C. - you nailed it in terms of our heads are at! Psychologically and emotionally, we would love to have our retirement home in place at today's prices and rates. 

Thanks again for your input - it's highly valuable since it brings some much needed and fresh perspective.

Post: Buy retirement home now?

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

My husband & I have been discussing and weighing the following two options below for a few weeks now and I'd like some fresh takes from you. 

Some details about us:

- Currently live in queens, ny.

- Plan to relocate to Raleigh area when we retire. We have very close family in Apex.

- Upon retiring, we want to reduce our expenses and improve quality of life - after visiting and loving Raleigh area for the last 10 years, we believe it will be the most beneficial move. If we retire on $2m, that $2m will go a much longer way down in Raleigh than in NY. 

- We have not relocated there as a working couple because I am in the fashion industry (tough to transfer skill set - fashion is mostly east or west coast). My husband has his own IT biz here in NY (he will most likely lose most, if not all, his clients if we move now because he very often needs to be on site). In total, we make $300k annually and make it through in NY ok, nothing more. If we move, I will have to shift my career to a different industry altogether and start anew and he will have to build his biz anew or get a corporate job (at least to start with). If so, our income will probably drop half to $150k, which we are not comfortable with. Long story short, we don't feel relocating now is really an option due to our careers, at the moment.

Targeting Wake Forest or Northwest Raleigh (NEED to be close to big park! Umstead! Bond! Etc.). 

Currently, we have $70k to spend. We save $30-40k cash each year. So by end of next year, we will have $100k to spend. We could increase cash savings, but we also like to max out the 401ks and IRAs also. 

Here are our two options:

1. purchase our retirement home now (meaning within next year or so). Rent out until retirement. Move in when retirement time comes. Probably break even here with no or minimal cash flow. Benefit here is knowing we have our ideal future home in a great area. Will be 3+/2+, 2k sq ft, ~1 acre.

2. Purchase a couple of homes that we won't retire into, but will cash flow better. Sell later to fund purchase of retirement home. 

Both options will be traditionally financed. 20% down, 30 yrs fixed, etc.

I realize I am asking the opinion of investors, so most likely, your take will be #2 because it provides more return for the money. Curious if any of you will choose #1 and why?

I hope I've provided enough info - very lengthy post. If not info., just ask!

Let's hear it!

Much appreciated!

Betty

Post: Help in Reviewing Quad in Raleigh, NC 27606

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Thanks, Uwe S. & Scott W.!

Your feedback is much appreciated!

Post: Help in Reviewing Quad in Raleigh, NC 27606

Account ClosedPosted
  • Investor
  • New York, NY
  • Posts 169
  • Votes 73

Hi Uwe - two of 4 units are occupied, two are vacant.