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Updated over 7 years ago,

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6
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0
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Johnny Teckor
  • Los Angeles, CA
0
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6
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What would you do? I NEED HELP

Johnny Teckor
  • Los Angeles, CA
Posted

Hi everyone,

My first post here and kind of personal. But i really have been beating myself up and stressing alot about what i need to do to move past this.

I inherited a huge amount of money from work which doesnt come around often a once in a lifetime income in 2012. I was in my early 20s and did not know ANYTHING about real estate at all. I did not know how valuable a property was or the types of things you can do. 

I purchased a short sale ALL cash for 210k 5 beds 3 baths 2600 sq ft my parents at the time basically rehabbed it for me meaning i gave them the cash and they contracted people to do the work and kind of designed it. Thats how blind i was to real estate and thought i didnt need to budget because of more money i thought would come my way.

After it was ready to move in I lived on my own for 4 years and i felt bad for my parents and how they lived so i decided to give them my house. 

They didnt live in a war zone but it wasnt as good as i was living.My dad has a business and a job and earns good money so they werent struggling or living paycheck to paycheck.

So they did the smart thing and the thing i should of done which is rented out their house and let the mortgage pay it self off.

I decided i would move and rent an expensive apartment because my dad thought i should so i listened.

I moved out because i wasnt happy there and i was not happy spending so much money and moved back in with my parents (my house). And started learning about real estate more and more. And the more i learned the more upset and depressed i got about what i did.

I gave my non-struggling non-elderly mid 40s parents my house which is now worth 400k and can rent out for $2200. 

I really hate myself and it depresses me that now they have 1 house which is paying itself off and 1 house free and clear. and i have nothing. 

WHAT WOULD YOU DO? 

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