All Forum Posts by: Steve K.

@Catherine Emert Even if we end up selling ourselves, we will take care of the agent i.e Cover their marketing and more, atleast. We have had several conversations on not sold yet topic, with our agent. Also, planned to lower price by $500 - $1000 to refresh the listing.

One of our earlier rehabbed properties (completed 2019 and rented for an year) has been sitting UNSOLD in the hottest market, since Oct 2020. It is a first time home buyer, semi-attached, 3 Bed 1 Bath older house, in a desirable location with area's top schools. The property was rehabbed inside and out and is not staged.

We have it listed with an agent (a great person & very knowledgeable) who helped us acquire this project from MLS in 2019. We accepted a lower than asking price offer, with contingencies from a buyer. The buyer brought in a home inspector, who has reputation of knitpicking in our area. They scared this first time home buyer which made them back out without any negotiations with us. Since then with have spend some more money to fix unknown defects that needed to be fixed and some not needed ones, that were highlighted in the inspection report. To stand behind our product.

We have already done 2 open houses last year, latest being before 2020 holidays.

We have had decent feedback (nothing negative) even since this was listed. About 20+ Showings. We are getting showings consistently.

In my area, agent fees are 5-6% on average that were tagged onto the price. Many recent sold comps support the asking price.

This place has been vacant since Oct and has substantial holding costs. I don't mind working with the existing agent but we are hitting tough luck there.

I'm looking for alternative ways to sell this quick after the listing contract is over, if I don't get a reasonable offer in a week or so. Sure, we can pass the savings to the buyer.

I have closed real estate transactions as a buyer without an agent before. This one could as seller, without an agent, first time.

Any out of box ideas to conduct remote showing. i.e. matterport, lockboxes etc? Any other ideas or tips on how to make to desirable to sell this fast? Thank you

@Ras U-Ahk Some great feedback above from the Gurus. Good thing is that you're are still under contract. Vacant property is your best bet in current situation. Don't forget you're in NY and the state legislature is considering a bill to ban evictions until May 2021.

@Deborah C. Good things that she moved out and doesn't owe rent. Like some said here, this looks pre planned.

I won't give any credit, since it's looks to be breach of lease because of little of no notice to you. I would tell them that if they ask for pro-ration. I would also refund the complete security deposit minus damages, if any.

@Arun Dharan You mentioned house hack, sounds like you are moving from CA to PA?

Like most mentioned here, they are totally different cities. Allentown has neighboring cities like Hellertown, Whitefield, Bethlehem which are good.

Allentown and Philly are about an hour away driving. LVI Airport is the most convenient place to fly out, in my opinion.

Also note the Philadelphia has higher local earned income taxes, something you might want to look at.

I feel you man and have been in your shoes. I once was a proud New Yorker and first time home investor in 2005. Then came 2009 and things started to change. Since we were in suburbs we weathered the storm. The problem was big government spending, high taxes. Today, I received an offer to potentially make 50% more than what I currently make at my day job but I have to consider moving to Boston. I'm reluctant to move back to city where cost of living in exponentially high.

I would suggest not to involve a Realtor to sell, this could possibly save you and the buyer decent chunk of money. Or hire one that can help you with paperwork only. Market that house on Zillow or wherever, show it yourself. (Don't get me wrong, I highly value relationship of RE Brokers and Agents)

You also need figure out your and your SO employment situation.

Don't worry you will survive.

That's great @Jason Malabute. All the Best for 2021!

@Matthew French There are bank that would do 10% and That was in the past. In current climate that would be difficult. You can get a Commercial loan, typically .5 to 1 point higher than residential. There is a balloon at end of 5, 7 or 10 year. They amortize that at the end of 15, 20, 25 or 30 year. Commercial portfolio loans are sometimes flexible, banks may help you borrow some money from elsewhere for the down payment. Look into local banks and Credit Unions and stay away from Large banks.  

@Nathan G. Nice. We need to make one as well.

@Steve R. I have been noticing trend that people don't want to go to Laundromat. Even I didn't when I rented. I also had Washer/Dryer combo in one of the apartments I rented and paid about $50 per month about 5 years ago for that convenience.

I'm considering putting dishwashers and Washer/dryer in all units but have concerns about excessive water usage. Also, would need to think hard about the place to put those.