All Forum Posts by: Roman Pak

Welcome @Monisha L. I'm out of Arlington Heights. Good to see other investors from the area. BP is a great community with lots of knowledge and experience all in one place. If you're looking for contacts, PM me and I can supply a couple. Again, welcome to the site. 

@Tyisha G. Thank you I appreciate the kind words. I remain hopeful that the house will appreciate. Living in the house I have seen several brand new homes being constructed around us that are being listed in the $600K + range. I've put REI on hold for now, and am working on a startup that I founded.

To answer your question, the investor I found was indeed a family friend. I doubt that I would have gotten the deal I did with a lending company. 

If you could change anything about the Open House process, what would it be?

So it sounds like what most of you are saying is that open houses are somewhat tedious, but necessary for exposure although they don't bring much value in the way of making the sale with an open house. 

I'm curious to hear from the Realtors out there, what are your challenges and frustrations with holding an open house for your clients? Is it the prep, the set up, the waiting? Let's hear the good, the bad and the ugly. 

@Scot Howat at the end of June we dropped the price again to 349,000 for about three weeks. We had barely any showings. Took the property off the market. My wife and I moved in. 

UPDATE:

The house is still listed for sale. I've had to decrease the price to 359,000 in an attempt to drum up some more showings. After my last post, we received a number of offers, 4 to be exact, none of which stuck. They were either rejected by me or were recalled by the buyers. Now I'm just as surprised as my agent, but it seems that no one is buying anything in this area. Despite several open houses and even door to door pamphlet handouts in the neighborhood, we've had very few showings and the mls shows virtually no recent sales in the neighborhood. I have a couple of months worth of payments saved up still, but I'm feeling pretty nervous. 

I did not collect any EM because their attorney could have killed the deal on his end and they would have gotten it back anyway. 

@Brandon Eleazer Sorry for the confusion, that was a different house, we got that under contract and cancelled it after the inspection revealed an additional $35k in rehab work. 

For this house which we got under contract the following week, My partner lent me 98k. 48k for down payment and closing, and 50k for rehab. The overage of 8k in rehab came out of my pocket. 

Hopefully that clears things up. 

@Kai Blackman

 Thank you!