I bought a house I don’t want.

[James Robert]

Hey guys - i just bought my first house. Turns out the inspector missed the house foundation issue.. the house has a sinking foundation and I don’t wanna pay to fix it. 16.5k quote before leveling floors.. I paid 183k and it appraised for 215! I’m currently doing updates but the sloped floor drives me NUTS. I don’t know if I wanna live here much longer but I don’t wanna pay taxes on my capital gains. I know I could make money on this house if i sold it after updates. Don’t know what to do. Kinda just want to buy another house with 5% down (lender told me I could whenever I want) and offload this one while I can…

Thoughts? Advice?

Thanks! 

Oh- I am also a realtor so when I buy a house I take a commission on it and use for downpayment. Also don’t pay to list it. I would only have to pay the buyers agent 3%.

[Andrew S.]

Quote from @Jonathan Soto:

1031 into another home 

…. He lives in he property.  You cannot 1031 owner-occupieds 

OP, you are perfectly willing to accept  the other repair costs, closing cost, moving cost, 3% agent commission, but somehow you can’t live with any taxes on your profits?  Sounds like the tail is wagging the dog here!  Just sell the property and pay the taxes.  It means you made a profit on an overall bad transaction.  Take the win and move on!