I am seeking advice.
I recently purchased my first house with a 5% downpayment. My goal was to occupy one of the 4 bedrooms and rent out the other 3 to room mates. I purchased this house knowing that the roof needed to be replaced. The house is a bit older and needs a face lift, it appraised at 170k at the condition that it was in. The sellers agreed to lower the buying price to 162k, which I felt was fair.
Now that I'm in the house, I'm repairing and remodeling the kitchen, bathrooms, paint jobs, etc. I expected about 15k in repairs total.
I am requesting quotes for a roof, and every company is quoting me 20k! They're saying there are 4 layers of shingles on the roof.
I'm out of capital and don't know what to do. Any advice is welcome. I realize this was a completely stupid mistake on my end. My buyers agent said I might be able to squeeze a few years out of this roof, but now I hate him for saying it, he was just trying to sell me a house.
I'm in Pittsburgh, if any experienced investors would like to contact me to talk about your story and mistakes, lets talk!
