All Forum Posts by: Imebette Barkley

Would recommend going with the renovated one if you're newer to investing, maybe try to negotiate the price down if its been on the market a little longer. There's a lot of variables to what you're saying but my general consensus is that it's really tough nowadays to keep a renovation within budget unless you know what you're doing/have your own GC 

 Reach out to @Sara Frank

@Imebette Barkley- thanks   1) is this to be a primary residence or investment property ?    2) I would  lean more towards the  fully  remodeled  property  and try to  negotiate  the price  down a  bit .....updating a  5 bed room home  can  add  up  depending on the  scope of the  projects    3) if the goal is to  rent out the  5  bedrooms  you can also  get  the rentals  started  immediately and not have to wrestle with the  repairs  / upgrades   4) if you are needing to use  financing - make sure you have  your loan pre approval  solidly in place 

 Where in Maryland?

What is the after reno value of the fixer upper and how much will renos cost?  If the 138K home will take 35K to renovate (using your higher numbers) and sell for 189K (using your lower numbers, if you are looking to buy and hold, that would be a better option.  If you are looking to flip it, the numbers are too close once you factor in possible overages, holding costs, commissions and fees.

It depends on your specific goals and financial situation. If you have the resources and desire to do the updates yourself, buying the cheaper home and renovating it could potentially save you money in the long run. However, if you don't have the time, skills, or money to do the updates, buying the fully renovated home may be a better choice.

As for selling the home for a profit, that will depend on the local real estate market and factors such as location, demand, and economic conditions. Using the home as passive income by renting it out could be a viable option, but make sure to carefully consider the costs and responsibilities of being a landlord. There is also a choice of not choosing either of them because of the factors stated above; you will need to consult your local agent for professional help in order to get more clarity since they know your local market more.

Overall, it's important to weigh the pros and cons of each option and consider your personal goals and financial situation before making a decision; do seek help from a local agent :) Hope this helps.

It depends on your specific goals and financial situation. If you have the resources and desire to do the updates yourself, buying the cheaper home and renovating it could potentially save you money in the long run. However, if you don't have the time, skills, or money to do the updates, buying the fully renovated home may be a better choice.

As for selling the home for a profit, that will depend on the local real estate market and factors such as location, demand, and economic conditions. Using the home as passive income by renting it out could be a viable option, but make sure to carefully consider the costs and responsibilities of being a landlord. There is also a choice of not choosing either of them because of the factors stated above; you will need to consult your local agent for professional help in order to get more clarity since they know your local market more.

Overall, it's important to weigh the pros and cons of each option and consider your personal goals and financial situation before making a decision; do seek help from a local agent :) Hope this helps.

@Imebette Barkley Just curious, what's driving you to make these purchase decisions? Feel like they are just market price to me so if you want to make money, the market needs to appreciate a bunch. Are you looking to park the money at some place and just want to make money in cash flow? 1031 exchange? Worrying about the US Dollar crashing so need to get into RE ASAP?

Hey Imebette Barkley,

There can be a bunch of different reasons why. The buyers could have asked for a price reduction and/or incentives that the sellers didn't agree to. Maybe the home didn't appraise as high as the buyers thought. The buyers could have bought a new car which could have lead the lender to not finance the deal anymore. Your best bet is to contact the agent and ask. Not only will it answer your questions, but its also good practice to call agents as its a great way to learn the lingo.

This could be for any reason, realtors are typically transparent about this.