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Updated over 3 years ago on . Most recent reply

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Shivron Sugrim
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Out of capital and repairs are needed, please advise! Pittsburgh

Shivron Sugrim
Posted

I am seeking advice.

I recently purchased my first house with a 5% downpayment. My goal was to occupy one of the 4 bedrooms and rent out the other 3 to room mates. I purchased this house knowing that the roof needed to be replaced. The house is a bit older and needs a face lift, it appraised at 170k at the condition that it was in. The sellers agreed to lower the buying price to 162k, which I felt was fair. 

Now that I'm in the house, I'm repairing and remodeling the kitchen, bathrooms, paint jobs, etc. I expected about 15k in repairs total.
I am requesting quotes for a roof, and every company is quoting me 20k! They're saying there are 4 layers of shingles on the roof. 


I'm out of capital and don't know what to do. Any advice is welcome. I realize this was a completely stupid mistake on my end. My buyers agent said I might be able to squeeze a few years out of this roof, but now I hate him for saying it, he was just trying to sell me a house.

I'm in Pittsburgh, if any experienced investors would like to contact me to talk about your story and mistakes, lets talk!

Most Popular Reply

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Jon Kelly
  • Investor
  • Bethlehem, PA
950
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Jon Kelly
  • Investor
  • Bethlehem, PA
Replied

@Shivron Sugrim if the roof isn't leaking then wait a bit longer to build up some reserves. You can consider a short-term loan from hard or private money to cover the cost of the roof. Your property should appraise much higher after completing repairs inside and replacing the roof. You can refinance, pull money out and repay your short-term loan. 

"Every company is quoting $20k..." how many companies have you reached out to? I'd try a few others, but $20k may be the right price. 

  • Jon Kelly
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