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Updated 29 days ago, 11/15/2024
Should I cut my losses and start over?
I bought a 1960s 355k duplex with an owner occupied loan. 7.5% interest, about 2800 mortgage payment. Since living here I’ve put in a new HVAC in both units and kitchen into one unit, I’ve max out my credit card, and have had my parents help me. I can likely get about 1500 per side. I’ve had to evict the original tenants, got rid of a roach infestation, and the electrical seems iffy. I’m only 24 and no one has really helped me (in terms of guidance) so I’m trying to figure everything out on my own. I feel like I’ve put so much money into the house and I haven’t even gotten to rent it out yet. I’ve had the house for 6 month and I feel like there’s so much deferred maintenance that I can’t keep up, should I cut my losses and sell the house? Or how do I know when I put to much in? I could sell, repay parents and credit card, save money for a year and try again. I will say the house is in a good location, close to downtown which is being renovated. If I should give more info on the house or situation please let me know