Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Horror Stories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 27 days ago, 11/27/2024

User Stats

8
Posts
3
Votes
Stevie Kim
  • Homeowner
  • Tucson, AZ
3
Votes |
8
Posts

Money Pit Could Have Been Prevented?

Stevie Kim
  • Homeowner
  • Tucson, AZ
Posted

I won't get into too many details since the list would be long, but in 2021 I bought a house in Tucson for a part-time escape from Washington state winters while Airbnb'ing it the rest of the time. The previous owners did a do-it-yourself remodel which had tons of red flags if I had taken the time to cross-reference the sellers disclosure with the inspection report, but at that time the market was hot and I had to move fast. Over the last 3 years there has been everything and anything that could go wrong with the house due to the remodel and because it was built in 1960. While many appliances and the A/C, water heater, etc were updated they didn't update plumbing or wiring. It's turned into a money pit, but at the same time it's on a beautiful .90 acres with a view of the mountains and a pool that I had remodeled. I definitely don't make any money off the place, but the airbnb rentals pay for maintenance and my gas driving to and from WA :-) 

Question: Have any of you missed some either obvious or not so obvious red flags that would have caused you to negotiate or walk away from the deal and if so what were they? I want to create a checklist for myself next time! 

Loading replies...