I bought a "lemon"

[Elena Jobson]

This is less of an investing question and more of a real estate question, but I would really appreciate some advice from you experienced pros. I recently bought a flip (my first mistake) for my own use as an owner occupant. This inspection went well and besides a few things, that I asked for on my inspection objection, mostly everything seemed to be OK. I went ahead and closed without the seller having completed all of the inspection objection items (my second mistake). I was in a pinch to close quickly and I trusted they would complete the work in the following days (my third mistake). Anyway it's been a month and every time I try to do something, it's 10X more difficult than it should be and more expensive. Every time I turn around, there's something going wrong in this place, and I am just at my wits end. What would you do? Some things to keep in mind: 1. I am in the Denver metro market, one of the hottest in the country right now. 2. I have a lot of money tied up in the house, but I fear if I sell too soon I will LOSE money, I don't want to lose money obviously. 3. I do have a one year home warranty. 4. This was a complete rehab, everything is new from the drywall to the floors to the driveway to the appliances, even the exterior, but the home was built in 1955, so it's an "older" home. Can anyone help me out?! I am beside myself. I work 50 hours a week, I am a single mom, I have a great career and I'm trying to start out in RE investing but I feel like I made a horrible mistake in buying this house. Any advice would be much appreciated. Thank you.

[Gino Barbaro]

@Elena Jobson

Hi Elena

there is no horrible mistake.  The only mistake is not trying.  I can attest that the first time you do something it usually doesn't work out.  There is a learning curve to everything.  The fact that you took action is a great thing

You have to decide what you want to do.  The market there is hot right now, so how much would you "lose" if you sold.   You may have chosen the wrong niche in real estate, fix and flip, especially if you are a full time employee with a family.  Maybe you should look into buying and holding for cash flow.

Don't let one deal stop you.  We wouldn't have a lightbulb if Edison quit, and he tried thousands of times.

Gino