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Updated over 13 years ago on . Most recent reply

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts

Feeling the pain of my first purchase

Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Posted

Ok all, I got the photos back on my Toledo property purchase and my heart sank. I now know for sure my move wasn't gutsy it was stupid with a capital S. What really bites me is that I believe the investor who sold me this at auction intentionally misrepresented what he had and I had Sucker written all over me. He on the other hand made sure to word it properly to cover his butt. Anyway, it is what it is. Now I am here with my dilemma and I am praying all of you wonderful professionals can help me figure out what to do so my first few purchases in my new business are not my last few purchases in my dead business.

What to do with this mess. He sent me the deed to sign and notorize but I have not done so yet. Do I just take the loss and tell him to keep it, donate the house (assuming anyone would have it) for a tax write off, try to find someone that wants to fix the place and give it to them for what I paid for it (it also has about 1500 in back taxes due on it),.... I just hate the idea of paying another `1500 wasting a total of 2200 on a property I dont know how to get my money back out of. I started out with very meager equity. I took the chance on a cheap property hoping to make a minimal profit for quick flip to build some equity. I can hardly afford to loose the money. The realtor that took the photos for me said he has a guy that would take it if I paid HIM 3k but I didn't have to worry about the taxes...yeah ok... I could re-list it at the same site I bought it, but I do not want to do this to someone else that is trying to start a business so to me that is not an option. Ok there is my long whine and my desperate plea for rapid advise. If anyone needs to see the photos I would be happy to add them if you could tell me how to. Anxiously awaiting a life vest from any passing boat here...

Most Popular Reply

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22,059
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14,128
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,128
Votes |
22,059
Posts
Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied
Originally posted by Sherry Lewis:
Somehow I don't think the refund is going to happen, but I refuse to allow him to keep my money AND the house lol...

Don't let emotions make this decision for you. If you take title to this property, you may be on the hook for a lot more than your $800 and the back taxes. Don't turn an $800 loss into an $8,000 one.

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