Bought at the top, what are my options?

[Nate Robinson]

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..

[Steve Vaughan]

Quote from @Nate Robinson:

Living in home we bought. PITI is $7,200/month.

 I bet a lot of people have FOMO remorse.  I can't imagine signing up for a $7200 monthly payment for 1 unit that generates no income. 

Adapt your home to generate some income.  Get more quotes for work needed. Get referrals from your circle, not the contractors with the largest yellow page ads. 

Most on here have the below mindset. Wealth is the amount of time we can go without needing to work and is below the water line / out of public view: