Botched deal. What next?

[Jesse Prescott]

Hello all!

So I had a bit of a "lessons learned" experience recently. Bought a 4 unit property in Pittsfield MA. I knew that there were repairs needed. Estimated $15k electrical work needed immediately, foundation work needed within the next couple of years, then a bunch of small things, plumbing leaks, new doors, redo bathrooms, etc.

I completed the purchase and as work was being started, I found out that there was a lot more that my realtor downplayed to make the sale. Apparently the circles in the area are pretty pissed at the realtor, some are wanting to go after her. I said I wouldn't be pursuing it, I just want to move forward.

Overall repairs I was thinking would cost me somewhere in the ballpark of $30k. Now it's looking like it'll be double that, call it $75k

So in my calculations, I do always budget more than estimated, because I know things always go over budget. So I did already have some wiggle room, and I do have the finances to make the additional repairs, but is this just going to turn in to a money pit that I'll always be pouring money into?

Is there a way out for me? Do I sell and take the loss? Do the repairs and flip or maybe refi?

Any idea or advice would be greatly appreciated. Or even just a shoulder to cry on haha.