My 'disaster purchase' finally closed
This is the story of my Charleston house.
I bought the property sight unseen for $52,000. It was right on the water in downtown Charleston so it seemed like a stellar deal. How foolish I was.
Actually those amazing water views also brought with it high chances of flooding. It also happened to be in the one area that is still ghetto, although so close to trendy places.
After buying it, every local realtor and handyman informed me what a terrible purchase it was. Quotes for the repairs ranged from $10,000- $50,000, the major issue being problems with the foundation. I ended up paying $12000 for repairs including HVAC.
It was then listed on the market at $88,000 with almost nil interest. Realtor suggesting rent it out. Good tenants were placed with gross rent of $1200.
Property manager calls me frequently worried about the house washing away in the next rain. He tells me I'm definitely going to lose money when I sell the house. I refuse saying I've made many, many mistakes but never lost money. He says this will be the first house I finally lose money on.
Several months later an article makes front page that it's the hottest new area for real estate investors. Property is listed that week for $99,000. Offer comes in at $90,000. Property goes under contract and then buyers financing doesn't come through after bank does inspection.
Then another offer comes in at $85,000 cash. I accept and finally close on the deal yesterday. Yep, I came out on top yet again.
Moral of the story- I'm a very lucky person.