Updated over 5 years ago on . Most recent reply
Need Mentor. Bad deal, exit strategy.
Just bought a SFH in Phoenix,, AZ as a primary residence with the intent of living in it for 2 years and then airbnb or long term renting after those 2 years are up. We missed some major structural issues in our inspection period. The seller had flipped it, and surface deep it looks really nice. The electrical is a disaster and a full rewire is $30k. They added a support beam improperly and the cost of repairing the beam and all of the trusses and support in the attic will cost upwards of $100k. We are in a really bad place, as the roof is settling and action needs to be taken. We just sold our other property hoping to use those proceeds to fund another rental, but this home is going to demand all of our funds and way more. Any thoughts, exit strategies, mentorship, anything would be dearly dearly appreciated. Now that we know about the structural disaster that is this house, we wouldn't be able to sell it off in good faith. So we must own the disaster and fix the disaster. Would love even a phone call to talk through the whole situation.