Hick sent me a text on Thursday that Realtor had called him about our Double Hovel flip house(s) listing. It will be six months this week, and our contract with her is up. She wanted to know if we wish to continue her services. That's too much texting for me. So I called Hick.
"I don't have any problems with her. I say we keep it with her office."
"Yeah. She asked if we wanted to reduce the price."
"I don't mind. You know our bottom line. We've given it six months, even though it was mostly through the winter. The slow time. We can still lower it, and have some wiggle room to bargain with. What does Realtor say? She's the one who suggested the current price anyway."
"She said she thought we should lower it by $X."
"I don't think that will help any of the buyers who want it, but can't get their special low/no interest loans. But I think by lowering it, that kicks it back up to the top of the listings. So more people will see it this time around. Realtor knows the market. She's been doing this for a long time. So I'm fine with that. Wait until you talk to The Pony, but I think he'll be okay, too."
"All right. I'll ask The Pony when I pick him up after work."
We'll see how it goes. Warm weather is coming up, when prospective buyers want to drive around and view real estate. I still don't want to rent the property just yet, even though that would make sense (and money). I don't like the thought of irresponsible people tearing up Hick's handiwork.
Can you raise the price on the larger home to cover the cost of the smaller and just give them the smaller house. Ooops, you can just have this extra house! You know, if you are not selling it, can you give it away?
ReplyDeleteWe can call it whatever we want to call it, but the loan people are responsible for not giving a "special" low/no interest loan on property that has a structure on it to make income. Since we can't split the property, that little income-making Beauty Shop house is still part of the deal, even if we SAY we are only selling the main house.
DeleteOur problem is that people who want the Double Hovel can't get a regular loan, because they don't have money for the down payment.
That is a rough choice. I'd say to finish up the Hovel, get it ready for viewing. This project has been in the works for a long time.
ReplyDeleteThe Double Hovel is already finished. It's been listed, and shown a bunch of times by assorted realtors, since Labor Day 2024.
DeleteI guess you could call it a long time. We bought it at the end of 2022, when Hick could barely walk, and was waiting for his back surgery to be scheduled. He had the operation Feb 27, 2023, and then had to wait 6 months to recover before he could do physical labor. It took him about a year to finish. We also bought the QuickFlip house, renovated it, and sold it during the time of the Double Hovel work.
I wouldn't go with renting either. I hope the lowered price generates plenty of interest and the place gets sold by summer.
ReplyDeleteOr sooner 🤞
Thanks. We are willing to negotiate down to our bottom-line price, with a reasonable offer. But we won't deal with people giving a lowball offer, just to get rid of it.
DeleteI would hesitate to rent it too. My brother-in-law and sister own a property that they've rented out for for years and some of the renters have really trashed the house. It's very sad the way people treat property that isn't their own. I think once Spring weather arrives, you may get an offer on your double hovel.
ReplyDeleteYes. A long time ago, we bought a rental duplex. One lady was a reasonable renter. Worst she did was drop a hot skillet and burn a hole in the kitchen carpet. I KNOW! Who puts carpet in a kitchen? That side was already rented to her when we bought it, so Hick didn't do any upgrades. When he collected rent, she pulled up the throw rug she had put over the burn, afraid Hick would be mad. He told her he didn't mind if she didn't!
DeleteThe other renters were a family with two young kids. I told Hick not to rent to them, because the dad didn't even have a job. I wanted to rent to a college student, because I knew her parents would pay the rent. Hick felt sorry for the family. We even gave them some of Genius's outgrown clothes for their baby. They repaid us by not paying rent, and putting a hole in the living room wall, and letting the toddler write on walls, and not reporting a running toilet that cost several hundred extra in water/sewer bills.
We are hoping the nice weather will bring more lookers to the Double Hovel, and some offers.