I thought I was done with rookie mistakes

[Kimberly H.]

Homepath contract in hand... so happy.  I want this to be my dream home. Finally got 1 contractor to come in and say "sorry, you'll need 200K to renovate this house".  The next contractor wouldn't even come look. He just emailed me flat out "you can't renovate a 4,000sf house with a $125K".  It does need all new systems, it's 4,000 sq feet, really nice property. Comps support an extra $125K on top of purchase price.

I plan to stay in this house forever, but I only wanted to put in $125K. FHA consultant came in..... said, to bring the house up to FHA code will be close to $100K. I'm so sad right now. I don't want to give up this house.

I should have done better homework.  Would you purchase a huge house with the hopes you would do a complete renovation or should I just walk away.  It needs all new systems, structural work, etc.   SAD FACE!   2/3 of an acre.  What would you do?  Do you think another contractor would say the same.

https://www.zillow.com/homedetails/2612-Talbot-Rd-Baltimore-MD-21216/36628111_zpid/

[Michael Guzik]

I know this may be hard but I think you are too emotionally attached to the property. If the numbers don't work, it isn't a deal no ifs ands or buts. IMO the fact that the contractors and FHA consultant are saying the things they are saying should be a huge red flag. Stick to your gut and find a house that works financially and/or on a spread sheet. Especially since you are trying to do an FHA, I don't think you should pursue it any further, if you were going to put in 20% and do a live in flip situation the numbers might work, but that doesn't sound like that is what you want to do. Don't get so caught up on this deal, sometimes the best deals are the deals that you walk away from. Good luck!