All Forum Posts by: Nate Robinson

Thanks, everyone for the input. 

We are going to stay. Although the maintenance is piling up.

We had an inspector, and a separate engineer look at the foundation and deem it OK. A couple of months in and the walls are cracking and the foundation needs repair.

I had the cast iron pipes quoted by multiple plumbers and it's still coming in around $70k. Reason being is the house is in the shape of an L and would require hundreds of feet of tunneling from what I've been told should it fail.

We had a regular home inspector and an engineer inspect. Both came highly rated from multiple sources. 

We know the house had a lot of problems when we bought it. We made a really dumb, emotional decision and are now regretting it. 

I list things like the potential $70k plumbing issue to reference as it may influence what our options would be. We also understand the best option may just be to stay put for a few years. 

All that said, it’s a very unique house. The landscaping is very well done, has a really awesome backyard, and the inside was also remodeled. Point being is in the event I could figure out a way to Airbnb I think it would do well. But again, Austin has some pretty strict limits 

Living in home we bought. PITI is $7,200/month. The townhome is $3,800/month which includes hoa - renting it for $4,200 month.

Issues with the home:

-AC had to be replaced despite getting it inspected.

-ceiling just started cracking and bowing where they removed a load bearing wall 7 years ago. Also was inspected by engineer and now likely will need to be fixed

- roof is 20 yrs old

- plumbing is cast iron so will likely fail in near future, estimated cost is $70k to fix 

-on a much busier street than we realized, it’s a main thoroughfare with lots of traffic.

-much further out of town than we realized

-many other minor issues that I didn’t list hear (like the shower leaks, wasn’t caught in inspection)

Overall it is a very unique and cool house. On large lot with casita and pool, but we paid top dollar.

Hi there,

Im brand new to real estate investing but running into a problem I’m hoping the BP community can offer some advice on. 

We have a town home we love and are now renting. We bought a house for more space and eventual kiddos, but unfortunately we definatley overpaid for it over the summer. Since buying it we are running into every issue imaginable despite getting multiple inspections. 

We’ve been here a couple months and are already regretting the decision and looking for an out. Not great I know. But wanted to see what options we may have. 

Selling it now would be a substantial loss. 

Long term renting would come nowhere near break even. 

We can’t air bnb due to city. (We’re in Austin).

It seems like medium term rental (30 day rentals) may be our only option in getting close to break even.

Are there any other options I’m not thinking of if we NEED to get out? We’re trying to just grind through it..