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Updated over 6 years ago on . Most recent reply

User Stats

36
Posts
16
Votes
Shyam Panchal
  • Investor
16
Votes |
36
Posts

Recovering From a Bad Investment

Shyam Panchal
  • Investor
Posted

Hi All,

I am new to BiggerPockets but have been following the forums for some time.  I am looking for some investment advice on the sale of a rental property I have out in Alpharetta, GA.  The property is a single family home with a finished basement.  The upstairs living area and basement are segregated, with a 3 bed, 1.5 bath in each unit.  The basement unit is currently rented with a long-term tenant.  

I recently purchased this property back in February 2018, but since then I have had a laundry list of issues with the property since I closed the deal.  Some information during my purchase wasn't disclosed by my agent and I found out after the fact.  There are high-voltage power lines running through the backyard of my house and I recently discovered that duplexes are not legal in Forsyth County.  These facts came out of a refinance appraisal earlier this year after I purchased the home.  In addition, there were a laundry list of repairs which I had to complete over the course of the year.  Now I am in a situation where my top unit is having trouble renting, it's been on the market for 2.5 months.  Needless to say, I am considering selling the house now.

Has anyone every dealt with this situation and are there any strategies that I could implement to sell the home faster?

Thanks

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