All Forum Posts by: Clay Revels

@Aaron Millis Thanks for the response. I see I may have left some things out that apply. I have to live in the condo for at least a year, since I have a conventional loan. So I’ll do some of the work myself and also hire a contractor.

I now need to figure out my next step. I’m going to basically remodel one half of the condo cause that’s the side that the wet wall is on.

So I guess I’ll just plan until the spring, do the remodel, enjoy over the summer and ave it rented out by the end of summer and move into my next hack.

Hello everyone,

I'm on my way and purchased my first house hack.  It's a 2 bd/1.5 ba, condo on the 1st floor.  There is room in the Mbdr to convert the 1/2 ba into a full bath making the condo a 2/2 and still have closet space in the msbr.  I also want to take down a wall the closes in the kitchen and give it a move open concept.

With all that I'd like to do to optimize the area and update to command more rent when I move.  I'd also like to enjoy some of the upgrades before I have to move.

My question is, when is the best time to start making changes to a place and those changes be renovation expenses vice just making improvements to a personally owned property?

I understand any advice given is not to be taken as legal or tax advice.  I'd just like to hear what have other people done it similar situations.

Thanks in advance for your responses.

Clay

Hello,

I'm ready to upgrade to the Pro level and of course closed mouths don't get fed.  So i'm asking if there are any discount codes that can be applied towards the Pro upgrade?  If so what are they?

Sincerely,

Clay

I look forward to attending

Bob,

Thank you for the advice.  I was able to get a contract on the house and should be closing by the end of July.

I'm now starting my search for multi-family homes for next phase. I hope to find something in Richmond, VA; Metropolitan TX or Tennessee. I'm hoping to build up a portfolio that will provide approx 5K a month in passive income by the time I retire in 8 years.

Thanks again for your advice,

Clay

Hello, everyone and thank you up front for your feedback.  I'm new to BP and want to get started on building my real estate portfolio.  I want to get into Multi-families, but before I do I need to sell my current residence and move out of state.  Actually, I already moved and need to sell my previous residence and that's what brings me to the forums to ask for some guidance.

My situation is that i'm trying to sell my house, which has been on the Market for a month.  It's located in Odenton, MD.  I'm asking 304,500 and dropped the price from 320K.  Its a end unit, 3/2.5, 3 lvl TH with a garage, deck and fenced in backyard.  There have been some upgrades, like the roof, paint, kitchen appliances  etc.

Now what gives me concern is that my realtor has a wait for the right buyer to come along strategy. Now this is different from our initial meeting and his take was that the house would sell and at 320K. The particulars of that price was 3% buyers help from me. Price was dropped and the 3% help has been taken off the table. After over 20 viewing the first one that comes in is someone who is using NACA, will buy at the asking price, but wants the 3% buyers assistance.

After the number are run, I pay 30K in closing costs and help and receive 30K.  Is this an offer I should consider?  Also, does the seller pay the whole 6% realtor commission?

I'm thinking about renting, but I'd only clear 100 - 150 a month, but I would have 60K in equity.  If pulled out the equity, then the rent wouldn't cover the mortgage.

So if you were me, what would you do? 

On another note, I think I need to have a strategy meeting with my realtor to find out why my house doesn't have more interest and after 20 viewings only 1 person has submitted an offer.  Is that something, I should do  or get another realtor?

Thanks again for any advice given on this matter.