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Updated over 2 years ago on . Most recent reply

User Stats

131
Posts
91
Votes
Jimmy Chao
  • Investor
  • Los Angeles, CA
91
Votes |
131
Posts

What do I do? Held only 6 months. Over 18k repairs. I expect more

Jimmy Chao
  • Investor
  • Los Angeles, CA
Posted

I have a duplex purchased in April 2022 that has cost me over 18k repairs so far. An inherited tenant has been in eviction since May. I am still having crawlspace issues that keeps getting flooded every time it rains because water gets in through the soil from the water table. Encapsulation will cost me 15-20k easily. One side is rented so I am negative each month about $100. Once eviction is done, I will need to spend about 10-15k to get the unit rented based on current conditions. This has been the worst property in my portfolio and I am wondering if I should just take a loss on this one. If I sell this at a loss, will I owe any short-term tax?

Would love advice from anyone who has been in similar scenario.

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