All Forum Posts by: Shenay Russell

Thanks Mike. I did get an inspection but a lot of the issues weren’t addressed or came about after the fact. There were a few issues, such as the doors and leaky sink, that I chose to take on and fix myself. The mold was painted over, the windows were painted shut and wouldn’t open and looking back, I should’ve pushed harder to have them opened to make sure they were in working order. 

Also, looking back I was kind of in panic mode for the furnaces. They probably could have been repaired but the technician suggested replacing and I was freezing so I went with it with no hesitation or second look. Mistake on my end. The seller told me they were new but I found from the technician that one was 10 years old and the other 18. 

 Thanks Nicole for the encouragement! You’re right, that has nothing to do with the deal and I’d be helping whether I purchased or not. With everything happening at once it was easy for me to lump it all together when I shouldn’t. 

 We talked about it but she has been having knee and hip pain and would have a hard time going up and down the stairs that lead to my unit. I also thought about moving down but then there’s the issue of where I’d put my furniture. Since she already has hers, thered be no need for another couch, dining set, etc. With the new dampness in the basement, I wouldn’t want to put it there until I got that situation under control. I don’t know, we’re still figuring this bit out. 

previously posted this but after looking around a little more, I think it belongs here...

Hey BP!

Like many others, I have silently stalked these forums for months on end, Read and re-read posts of everyone’s advice, successes, failures, and everything in between.

I finally decided to go for it and take the leap into purchasing my first home. It is a 2 family home that I planned to house hack. I made sure to double check all my numbers and in the end, figured I could either break even with my mortgage and the rent I would charge or be paying about $100 per month , which was better than $900/month I was paying in rent at the time so I was happy with that.

First issue I ran into: my homeowners insurance was going to be WAY higher than I expected. Nearly triple. The agent told me she never sent my quote to underwriting to solidify the quote she gave me because I had explained to her that I was feeling around for figures and she wasn’t sure if I was actually purchasing. That company ended up rejecting my policy and I had to find another company. No other place came close to the premium that I was originally quoted. Given that, I still decided to move forward with the deal. Instead of breaking even, I’d be out of pocket about $300-400 per month. Which still cut my current house payment more than half, so I was still happy.

Next came after I was already in the home - the furnaces went out and there was no heat. Yes, furnaceS. I now had to replace 2 furnaces. I moved in the middle of winter so this was very important to fix asap. I had been told the furnaces were new so I didn’t budget this into my expenses.

Roadblock 3: my mother lost her job. I am my mother’s only child and practically only family. She was renting. All of her unemployment check pretty much went to her rent. She didn’t have much to live off after paying that so we decided that it’d be best for her to move into the other unit until she got back on her feet. Right now, we do not have a lease agreement and I wouldn’t feel right asking my mom to pay me the rent I would have asked from a tenant, mostly because I know how much of a strain that’d be on her financially right now. So, there goes “breaking even” I’m now paying my full mortgage of $1000/month, which is now $100 more than I was previously renting for.

The next big thing is there is mold in one of the units’ bathroom. This was found when we were redoing the paint. While I could probably just clean this with a bleach/water solution, this is alarming to me because I’m not sure if it is anywhere else in the house or other unit. This is a big red flag to me.

Other miscellaneous gripes: multiple doors need replacing, there’s now dampness in the basement, leaky kitchen sink, windows that were painted shut were actually off the track all together and don’t function properly, faulty plumbing, the list goes on.

I’ve read a bunch of stories on these forums about first deals being a total dud and homes from hell but as the list keeps growing, I get more and more overwhelmed. I am starting to think this was a huge mistake on my part and maybe I should’ve never purchased this home.

Knowing that I probably can’t sue the seller for not disclosing the mold or claiming the furnaces were new has me feeling kind of stuck. What advice would you give to a new investor that seems to have everything stacked against her? Should I run and try to sell? Fix the issues and stick it out? And what about the mold; has anyone had any experiences with this?

If you made it to the end, thanks for reading - I know it was long. I appreciate any insight you may have.