All Forum Posts by: William C.

@Teren Cooley just buy it. Then you can sell it. Is this dirt actually a good deal? You building something on the lot?

@George Blower running an LLC is really not that complicated, nor expensive.

@RJ Dixon who made you check the permits, the bank?

@Irina Belkofer I did discuss it with my CPA, and he's the one that showed me how to use the tax code to my advantage. So everything you said might be true for your situation, but mine is certainly different, because having an LLC and not having an LLC is the sole reason I can get these tax savings. I appreciate your input though.

I think that quote might relate more the thought that “a rising tide lifts all ships”. Meaning anyone jumping on the wave while the market is rising, good or bad deal, will still appear to be “making money”. When the wave crashes, those who caught it late, and those who had no idea how to surf crash with it. So I think the OP might be right in the fact that it’s too late, as compared to 2012, when anything you bought, now worth more than it was. It’s been said by many because it’s true, a true deal can exist in any market, they are just way harder to find.

You must CREATE good deals, they will not fall into your lap.  And by that I mean you cant browse Zillow every night looking for multi family in your market.  There are hundreds of ways to create deals, pick one and go with it.  You need to see what others are not seeing, deal to deal.  There is no such thing as a market wide "next best thing".  Multi family now is just like it was in seller markets in the past.  It may not be a time to buy in certain markets.  There are other markets out there.  I don't have fund managers in my market, thankfully, at least not that I know of, I am sure there are new investors, but they can only buy up so many bad deals.  The good deals are out there.  You might not know where to find them, or you might not even know how to spot one.  Be smarter than the rest of the market.  Add value, decrease costs, profit.

Maybe you guys that work in these markets with price points around 150k.  Does a price reduction of 5k move buyers off the fence?  In real dolllars what does that mean to a buyer.  They save $140 at the table in their down payment and their payment is now $20 less each month.   If I were a buyer in that price range, I'd be looking to stretch upwards to get something larger and nicer, and it will only cost me another $50-60/month.   

When payments are $1200/ month for $150k, and $1125/ month for $135k.  and 15k gets you 35% more sq ft.  What would you do?  

I am not trying to make any points here.  I am asking for your opinions. I am trying to think as a buyer would in these markets, so that I might be able to benefit as a seller.

 I came the exact same conclusions as you, on Zillow.  They are both public facing sites, so they both tell less than half the story.  It comes down to knowing how to use each site the right way.  But for the purpose of what we are doing its all we have.  

So now that we agree, that "at first glance" it doesnt appear to be over priced.  Why isn't it selling?

OP how many showings have you had?  4 might have been what was mentioned before.  What has the feedback been?  Is there anything they are pointing out as the one reason they don't want to purchase.  So we can argue overpriced or not all day, the bottom line I know the ONE THING that will sell that house today.  If you don't need or want to sell today, then Id agree, dont lower the price.  Sit tight.  Wait it out.  Best of luck

OK.  I did 5 minutes of research.  And while I stand by everything I have said...Your market is a bit saturated.  There are many homes, like yours for sale.  So the big question is, how many buyers are there?  What is the absortion rate?

For sure, the first thing you need to do today is CHANGE your first picture on Zillow.  All the other are showing off there amazing kitchens, or nice front porches.  You need to show the positives, and at least dont put the negatives first.

Id take a look at this listing. Essentially direct competition.  I'd argue price is even MORE important to get right in a saturated market like this.  DOM is hurting.  For example, when i searched your neighborhood I got 77 listings, and your listing was buried below all the new listings it was around 20 on the list.  You need eye balls, then footsteps.  I would maybe take back that you are over priced per se, but you might be better served being $2000 underpriced, and sell 30 days sooner, save those holding costs, and get out of this thing, than you would be hanging on for top dollar.  Tough one Ill admit.   Really not the type of market I flip in.  I do have experience with buyers in that market though, I cut my teeth in similar neighborhoods in Philly.  Why not start dropping it 500 a day?  1000 a week?  gotta do something to get people looking at yours and not the others out there.  Cant do anything to make it nicer inside...gotta influence the market some other way.

776 Linnard St

Baltimore, MD 21229

 WOW!  Amazing job on the finishes.  Exterior leaves a bit to be desired but that's no secret.   What are homes doing within .25 of that address?  Your agent should be able to show you all the info you need to know regarding price.  Its so simple that people usually over complicate it and get it all wrong.

How many are for sale, renovated like yours?  How many are listed that need updating?  How many have sold in the last 60 days?  How many are pending right now?

I'll see if I can get some of these answers via Zillow, but just so everyone knows Zillow can't proivide 100% accurate info like the MLS and public records can so thats why an agent needs to pull the reports.