All Forum Posts by: Martin Harris

Thanks!

All - Looking for input around resale value and flooring. Here is my question. Currently I live in a nice neighborhood and have a house with builders grade carpet. After 8 years (and 4 dogs playing on the carpet), it looks like crap. I'm well aware the best choice is hardwood BUT the dogs are tough on it and I don't want to have hardwood look bad in a few years.

I'll be selling the house in 5 years or less, I really don't want to have to change the flooring twice. Likewise refinishing isn't cheap (will probably be putting down 1500 ft through main floor and stairs).

The tile that looks like wood, and higher end laminates end up costing around the same as wood. The positive is they will hold up better, my concern is around resale value

Would love any thoughts! Many thanks!

@Christina R. Sorry to dig up this old thread, but was curious if you could share how it went and who you are using now? I'm in the same boat, looking for someone to help me in Baltimore City. Thanks!

@Jarred Sleeth I have a Mortgage broker in the MD area that I'm working with that will get me up to 10. I spoke with him tonight about the strategy for 5-10 and he's assured me I'm good to go (just cashed out #4, will do 5 in about 3 months). I'm only using 30 year fixed, with rates under 5 (for my first 4, haven't seen the rate for #5). Caveat is I'm not using an entity, and I have credit above the 720 mark which puts me in those rates.

PM me if you want his info, happy to give a referal.

Sadly my experience with HUBZU was similar. A local property was listed that I had my agent inquire, and we tried to bid, over the course of a couple months during multiple re-listings (even when getting the winning bid). Support was non-existant AND if you do win the bid they add additional fees technology fee and a few others) onto the total cost.

While I'm not at the totally avoid stage, it's close... 

@Jay M. , @Casey Green  - Just found this thread, and in the same boat. Only difference is I live about an hour away form Philly and contemplating a trip to visit. Where did you guys end up with this?

@Account Closed ... So for this particular property the deal has to be all cash (part of the buyers conditions along with a quick closing).  I was not planning on getting a appraisal (nor contact a Realtor) , but please correct my thinking if I'm wrong. 

My thinking was that using primarily Redfin \ Zillow \ MD Department of records I can get a very accurate history of what has sold in the past year, and for how much. Because this is a condo there's a bunch of valid Comps that are the exact size \ bed \ bath combo. Is there really anything a Realtor could tell be beyond that?

And this property is at a discount (in the 65%-75%) from the comps, so my thought process (and this could be entirely wrong) is in addition to the Home Inspector I'm going to have a GC walk the property with me to estimate repairs. If the numbers don't add up I'll bail.

Am I off on this thought process?

Thanks Mike, appreciate the advice.  I was not aware Condo Associations could prevent internal renovation, that's crazy.

For what it's worth I will not be doing the work myself. I'll be hiring a GC, getting an itemized contract, and after reading the thread on mistakes never paying before work is completed... that seems to be an important recurring theme/

All – Getting ready to (hopefully) purchase my first rental property. Found it on a listing site so it would not be through a realtor. Person is asking around 70% of the value, at my initial look there’s some work that needs to be done, new carpets, painting, perhaps refinishing cabinets to help with the dated look. My intention is to perform the work then rent (Buy \ hold strategy).

I’ve done a bunch of reading on here and other sites, just curious what I need to do to minimize my risk in ensuring it’s a fair deal? Going to get an inspection, property is a condo so I will get all documentation and ensure I can rent w/o huge hoops. Will ensure there’s a title search and insurance before closing.

This would be an all cash deal looking to close fairly quickly, just wanting to make sure I’m thinking of everything.

Thanks!

Thanks Kurt. Initially I was interested in investing in the Mid-Atlantic region, but solely because it’s a known entity. My preference would be to target region(s) with upside from an appreciation standpoint. From reading around BP, markets in TX, charlotte, Atlanta seem to be attractive. While apparently I should avoid Markets like Detroit.

I’m looking to identify a fair deal, preferably with upside potential from an appreciation standpoint.