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Updated over 1 year ago,

User Stats

16
Posts
14
Votes
Samuel Hailai
  • New to Real Estate
  • San Jose
14
Votes |
16
Posts

Bought in terrible area, regret of buying it, how do I get out.

Samuel Hailai
  • New to Real Estate
  • San Jose
Posted

Recently, I purchased a property in Rowlett, TX, with the intention of making it my primary residence. The house is a 3-bedroom, 2-bath property that I acquired for $210,000. My immediate plan is to use it as a house hack for a year or two until I tie the knot. Once married, my goal is to convert it into a rental property and venture into purchasing another one. The property was in good condition and offered a fair price, but I now realize that I overlooked an important aspect during my initial investigation - the neighborhood. To assess the area, I relied on websites like neighborhoodscout.com and crimegrade.org, both of which rated the neighborhood as a C. While I visited the place multiple times before making the purchase, during those visits, everything seemed positive, and the area appeared to be very quiet. However, shortly after moving in, a few weeks ago, the city carried out water maintenance that led to water leakage and accumulation on the curb side of the parking area. I promptly informed the city about the issue, but unfortunately, two weeks have passed, and the problem remains unresolved. Additionally, I've noticed an abandoned vehicle parked on the public curbside, with flat tires and no license plates, as well as another pickup truck filled with junk and displaying out-of-state plates. My neighbors seem unperturbed by these occurrences, which worries me. I'm reluctant to involve authorities, fearing that it might create problems with my neighbors, but I also recognize the importance of addressing such issues. Despite these challenges, I have a primary resident mortgage, which means I am obligated to stay in the property for at least a year. This situation has been causing me considerable stress, and I've even contemplated selling the property at a loss. Or I am also thinking notify my challenges to my bank hopefully convert it to investment property though I am not sure it is possible before a year. I don't know what to do with the property.

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