Duplex frustration 😤

[Myesha Stephens]

I need help! Last year I went under contract for a new build duplex as in new construction. I have learned so much. At first I wanted a new duplex because old duplexes were the same price or close in cost to new duplex and rather to buy an old duplex and spend money that I don't have to fix it. I went under contract for a new one. Then I found out that mortgage lenders do not close on houses that aren't build as yet. So in the midst of covid I started this journey, then the price of lumber went up and the builders increased the price $20,000 the end date for this project moved and moved and moved again. Then this morning my realtor informed me that they have increased the price again by $35,000. AT THIS POINT I DON'T KNOW WHAT TO DO! My realtor also told me that the developers will be selling their remaining inventory for $400,000 and that I could potentially resell the duplex for that amount after close. The most recent project end date is October. This property is located in bell County Texas. The prices for houses over all has gone up in this area including duplex and multi-family house. Both new and older houses.

any advise?

[Ryan Kelly]

@Myesha Stephens the initial question is “Why did you buy it in the first place?” What are your goals? Are you looking to buy more properties in the area? What will rents look like for the duplex once complete? It doesn’t sound like you had defined criteria going in which would help you measure if this is still a good or bad investment for you. I’d work to define your goals and then decide if this property meets your goals.