Any suggestions/information would be greatly appreciated.

[Troy Chipps]

Hello,

I am new to the forum, but I love the Podcast and have had the membership for about a year. Thank you for reading my post.

I recently, in September, bought my first investment property. I am currently house hacking with 3 additional roommates. I live in Wilmington NC, and I love the area I chose, as I believe it is in an appreciating market. It will also always rent because it's close to a college. My income is less than my total mortgage, but I am paying less than I would be if I was renting, so I am happy with where I am. My problem is that, I definitely did not get a deal on my house, and I am finding that a lot of the "big" items are close to needing repair. During my inspection I found that the HVAC is about 15 years old, which could be fine, but I have already seen some problems with it. The crawlspace needs to be insulation preferably ASAP, but definitely before I get a new HVAC. The roof is also very old and will need either a full replacement, or at least maintenance very soon. I was very close to backing out of the deal, but the area I am investing in is very competitive and my agent suggested I put a higher DD down. I did not want to lose the DD, and I really had hope that the area was going to more important, as long as all of these repairs weren't necessary right away. On top of the bigger items, there are a lot of small items that need some work, and I have some projects I would like to complete for the value/appearance of the home. I thought it would be easier to work on small things throughout the year, but it is hard to find the time, because I just graduated from college, and have taken on a lot more responsibility.

If anyone can recommend what I need to target and what I should prioritize, and whether they have any tips in order to minimize the amount I need to put into these repairs, I would really appreciate it. Did I bite off more than I can chew, or am I on the right path?

Thank you for any input.