[phillk6751]

Originally Posted by logline

You'll miss your financial stability more.

The financial stability won't be an issue. There are more opportunities for my career back home and part of the plan is to secure a new job first then put it up for sale. I will have enough in savings to cover the move and both rent and mortgage at the same time until it sells. According to my agent most homes arent sitting more than 30 days with exception of escrow timeframes.

Back there Ive got silicon forest at my disposal so to speak.

[airics]

So you need to sell for about 170 to get out of it.....heres the issue in my opinion. Years ago they were buying sight unseen. The investors are scarce now. The house has to appeal especially since yours is old....I wish you good luck.... 30 days? You need a lot of luck.

[OmegaSupreme]

market is still plenty hot, if the house is somewhat clean it will sell. talk to a realtor about getting some comps to see what you should realistically get

most houses just need fresh paint, new carpet and perhaps some yard work

[airics]

Originally Posted by OmegaSupreme

market is still plenty hot, if the house is somewhat clean it will sell. talk to a realtor about getting some comps to see what you should realistically get

most houses just need fresh paint, new carpet and perhaps some yard work

Did you read the first post?

[ScoopLV]

Originally Posted by logline

You'll miss your financial stability more.

Financial stability is a mindset. Anyone who can do it here can learn to be financially stable anywhere. Just keep lowering expenses and raising income until the numbers work.

As for the house -- sell it as is. The OP is not going to make back 100% of ANY of those things. (Except paint. And paint waits until after most of the rest is done.) OP, take the loss and go if you really want to leave. You're going to get a ton of low-ball offers. Just ride it out in this rising market until someone offers something close to realistic.

I'd only fix curb-appeal and listing-photo items that might drive more traffic to your listing. But do have a clear idea of what the $/sqft is in your area, and what the damage is going to do to that number. Because you're in investor territory and that's how investors think -- $/sqft and rent potential.

[Scott456]

Originally Posted by phillk6751

-The roof has 3-4+ layers and has one small leak over MBR.

.

Are you sure this house is in Vegas? I never heard of 3-4 layers roof here (tiles)?

[ScoopLV]

Originally Posted by Scott456

Are you sure this house is in Vegas? I never heard of 3-4 layers roof here (tiles)?

Home Depot roofing job -- slap one layer over the other. Saves time and money!

[phillk6751]

Originally Posted by ScoopLV

Home Depot roofing job -- slap one layer over the other. Saves time and money!

Yeah, Henderson. It is asphalt shingle. Unfortunately the 'flipper' that sold it to us was an out-of towner, and was coordinating the flip remotely. The flip job was sub-par and the appraiser reflected that in his decision. For the yard, the front is still legally grass, but they covered it (bermudagrass) with gravel without using a weed barrier. They installed new carpets, painted everything white (except for the kitchen cabinets, which got an 'espresso' paint). We had to fight him to replace the water heater, and to fix a slab leak (which is warranted for 10 yrs at least). They brought a few other things up to code (fire door between garage and house, smoke detector, etc) as well. The house came with basic appliances (cheap stove and dishwasher) which we replaced with nice Whirlpool SS ones.


We've talked to our REA, and she has connections to different contractors around the valley. Aparently she said we can get the roof done for about $1k, full strip and replace (I guess they buy material in volume). I didn't think I could get it done for less than about $3-4k by myself, or like 10-12k by professionals. We priced out a kitchen, and we're looking at about $1500-2000 for cabinets from HD (unfinished oak ones shown on their website) and figuring about $1000 for countertops if we shop budget at Walker Zanger's warehouse (seen countertops from $12-15 psf).


As far as flooring is concerned. We originally wanted to convert the LR/hall carpet to bamboo, but considering the move we're thinking when LL has sales (or even Floor and Decor) on laminate for <$1 psf we might consider that.


We're seriously at this point considering renting it out, if we can wait long enough for the FHA / DPA live-in requirement to expire. If I get close to breaking even or paying out less than $200/mo or whatever to cover most if not all of the mortgage for a year or two until it appreciates enough + equity built to sell it for a decent return, that would make us happy enough.

[phillk6751]

I just made some calls to my mortgage company and the company that manages the DPA fund. It seems that I'm cleared for the possibility of renting.

The typical rent (according to zillow) is about 1138. That puts me a little over break even month-to-month if a management company is willing to charge 5% and a little under if they charge 10%.


So any repairs that come out of rent would be a loss, but in the long run if I let the value increase and get more equity, I can sell when it's more economical to do so.

[yellowsnow]

Good luck!

Back in the day when the RE market was hot it was common to have agents calling or knocking on the door asking if you were thinking of selling. I got one of those calls today!