Hi everyone!
I'm Summer (Newbie for real estate)
My stupidity was I 100% trusted the realtor when he said the house (duplex) is a good and I don't need an inspector and I did believed him. Then I sign everything and took this deal with no inspection. Later I got the violation letter , a long list of what needs to be fixed which was a lot. I have done changed the HVAC for both unit, brand new and for HVAC the inspection was already passed. and I changed all windows for both unit. also I changed the new electric panels and changed all outlets for both unit but the inspection said I needs to run all electric the whole house which means I have to pay more for run the electric and replace all drywalls, that means I have to put lots more money into it.
the question is should I go further or should I cut loss? It's very tough decision for me.
- If I should cut loss. I got offered $120,000 with no inspection now
but I already spent $107,900 and I have mortgage balance $119,000 that I have to close
which means I'm going to lose around $115,000
- if I should go further
I have to pay more for run all electric $15,000
Replace all drywalls $3,000
Plumbling $3,500
and after I got all these done. I have to do the building inspection which I'm not sure how much more that I have to put the money into? Any Idea about the foundation?
If I can make it done. the rent around that area for 2 units will be $1,700 monthly
Option 1 = Cut and loss around $115,000 (which is so painful T_T)
Option 2 = Put more money $30,000 or more and get a rent $1,700 a monthly
Please help me with my stupidity. Please give me advice. I would like to get away from this nightmare.
Thank you so much for your help.
