All Forum Posts by: Stephanie Ro

@John Morgan That's fantastic! I will have to watch properties in my favs on my MLS and see if prices drop. Way to go!

@Account Closed Thank you for this. All of this takes longer than 3 months? I have seen several properties for over 100 days. There's lots to factor in. I suppose I shouldn't immediately think something is wrong with it. 

For my first purchase, I will be house hacking in a multifamily property. The examples below just happen to be in PA where I have never lived. The questions apply to any property no matter the State. When I return to the US, I am happy to go anywhere only if there is a sports bar in sight!

While browsing the MLS, I notice that properties sit on the MLS over 45 days. Instantly, I think there is something wrong with them – termite damage, major plumbing issues, structural/foundation problems…etc. I've even seen photos with contractor's equipment lying around. It looks like they walked off - not very attractive. Perhaps financial issues with the investor?

However, there are some properties that are listed as “turn-key” or “newly renovated”, yet they sit on Redfin for over 100 days. (I take the property descriptions with a grain of salt.) My thinking is that this area really isn’t a renter’s market or that the house is too rural for a big interest.

What else can it be?

#1 For example – https://www.redfin.com/PA/Pittsburgh/7413-Duquesne-Ave-15218/home/74519930 this one looks like college aged party-goers live here, but it states that the two current tenants wish to stay. (Personally, I would renovate the whole thing (lightly) and get new tenants who would pay a few hundred more). An unfinished basement would be a dream!
*if there are two renters, why can’t this sell?* Why are there no investors interested?

#2 https://www.redfin.com/PA/Somerset/363-W-Church-St-15501/home/139058626 This one looks really fresh, but it's appears to be rural. Maybe too rural for an investor? Why do you think this has been sitting on the MLS?

I know to consult a REA to get a more clear story, but at first glance, what can you tell a new investor to be like me? If you came across these properties on the MLS, would you investigate or pass them up?

Thanks!

-Steph

For my first purchase, I will be house hacking in a multifamily property. The examples below just happen to be in PA where I have never lived. The questions apply to any property no matter the State. When I return to the US, I am happy to go anywhere only if there is a sports bar in sight!

While browsing the MLS, I notice that properties sit on the MLS over 45 days. Instantly, I think there is something wrong with them – termite damage, major plumbing issues, structural/foundation problems…etc. I've even seen photos with contractor's equipment lying around. It looks like they walked off - not very attractive. Perhaps financial issues with the investor?

However, there are some properties that are listed as “turn-key” or “newly renovated”, yet they sit on Redfin for over 100 days. (I take the property descriptions with a grain of salt.) My thinking is that this area really isn’t a renter’s market or that the house is too rural for a big interest.

What else can it be? 

#1 For example – https://www.redfin.com/PA/Pittsburgh/7413-Duquesne-Ave-15218/home/74519930 this one looks like college aged party-goers live here, but it states that the two current tenants wish to stay. (Personally, I would renovate the whole thing (lightly) and get new tenants who would pay a few hundred more). An unfinished basement would be a dream!
*if there are two renters, why can’t this sell?* Why are there no investors interested?

#2 https://www.redfin.com/PA/Somerset/363-W-Church-St-15501/home/139058626 This one looks really fresh, but it's appears to be rural. Maybe too rural for an investor? Why do you think this has been sitting on the MLS?

I know to consult a REA to get a more clear story, but at first glance, what can you tell a new investor to be like me? If you came across these properties on the MLS, would you investigate or pass them up?

Thanks!

-Steph

Thank you @Grant Schroeder I hope they will accept that I make AUD!

I am currently overseas but will return home to the US in a couple of years max (depending on how many more lockdowns is a big factor in my return). I want to house hack in a safe community, preferably a duplex/triplex/fourplex. I am open to any landlord friendly state with low property tax. I am excited to fully embark in a new city. (Las Vegas/Denver before departure). I am hoping to establish a team here then take on the adventure.

What may hinder me from obtaining an FHA loan or loan in general is my student loan debt, though having no other creditors owing and a very good credit score. I endeavor to have a job upon return, but I do not know if I can make that happen. I have a small background in accounting, so surely there may be something.

Currently, I am with Sallie Mae at a significant interest rate of 7.5% & 6.25% variable *sigh*. I cannot refinance because I am making AUD. I am employed, haven’t missed a payment, but no one will assist! I transfer money every month no matter the currency exchange rate.

I have spent many hours finding a solution. Understanding this is a Real Estate forum, I am hoping that someone could point me in the right direction to a loan officer who would be able to assist me in refinancing my loan, helping me cut the interest in half. I hope to establish a future team on the BP forum and am leaning here for your thoughts. I'm fired up to get into REI but want to improve my debt to credit ratio and have a bigger down payment when the time is right.

If I weren’t in lockdown, I’d have two jobs and hustle as I have always done -my 9-5 then evening job in hospitality. Because of restrictions for the last year and a half on and off, I cannot fully bust bum to reach financial goals. I became an online English teacher making USD, but the market was oversaturated with teachers and work dried up. If you know if any remote USA jobs, please let me know and I will work during any time zone. I am really, really trying to keep positive, but it’s taking a toll on nearly every one here.

I don't know who else to ask and I know this is a REI forum, but hopefully someone knows someone. I have exhausted all options that I can think of. Please be kind. 
finance / loans / investor / money

@Phillip Henderson Congratulations on making that first move and applying! I will be in your shoes one day. Thank you for posting your question also. I have now learned :)

@Jason Wray Thank you again for the clarification.

I am notating all of these comments in this forum. There's just so many variables and it is going to be hard to hedge all of these potential adverse occurrences! 

@Jason Wray Newbie here. Why would the seller do this knowing that there was interest in the property and that someone already put in an offer? 

@Lara White Thank you for this. I really appreciate it!