Bought a nightmare property- could use some help

[Ryan Smith]

Nightmare story,
I've bought many homes before but this was by far the worst ever. 
I just bought a seller financed property in Dunn from a person that I previously trusted. I definitely should have done my due diligence before. Upon having to evict the tenant, I noticed that the plumbing was backed up and still cast iron. I thought to myself, no big deal it's only a few thousand more to get my plumber in there to replace it, but once my once my contractor got in to fix the floors (which were buckling) he saw a cyclone of termites. And an infestation of German roaches that made the pest guy jump (he said).

After everything was said and done, we incurred 4 times the cost as I was told/ estimated. I definitely should have followed my first rule, get a $50 inspection.

Has anyone ever encountered this? What's the worst thing you've seen?

Should I sell it to a cash offer company?

[Ryan Smith]

Quote from @Alan F.:

Quote from @Ryan Smith:

Nightmare story,
I've bought many homes before but this was by far the worst ever. 
I just bought a seller financed property in Dunn from a person that I previously trusted. I definitely should have done my due diligence before. Upon having to evict the tenant, I noticed that the plumbing was backed up and still cast iron. I thought to myself, no big deal it's only a few thousand more to get my plumber in there to replace it, but once my once my contractor got in to fix the floors (which were buckling) he saw a cyclone of termites. And an infestation of German roaches that made the pest guy jump (he said).

After everything was said and done, we incurred 4 times the cost as I was told/ estimated. I definitely should have followed my first rule, get a $50 inspection.

Has anyone ever encountered this? What's the worst thing you've seen?

Should I sell it to a cash offer company?

 "Trust but verify" should be applied to every facet of investing and business. As you mentioned always do your own due diligence. Part of DD is to verify that termite inspections have been done. Sometimes the termite cards are on water heater or attic/crawl space access. Ask seller if inspections were done. Typically the "bug killers" would've mentioned German Beatles (VW's lol) to the homeowners.

A couple things you may want to look into are too many type NM (slang is Romex) cables in 1 penetration and not supported. Have your Contractor verify that pier n post is all code legal (looks like cinder block, no seismic straps, PT, in back looks like a 2x4?) 

I'm using phone so hard to inspect via 1 picture.

Hopefully it all works out for you.

I am going to use this motto. I did lose trust in this guy and bought 4 homes from him before. Because of this, now I will not buy anymore homes from him.