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Updated almost 2 years ago on . Most recent reply

Need advice on a property!
Hello! I’m new to real estate investing and decided that it would be a good idea to buy a property I could house hack! I bought this property with no agent to save money and also didn’t hire an inspector ( which was a very terrible mistake). once I closed on the property I had the intentions of going in putting up some paint, installing new flooring and putting the place up for rent! When I got deeper into my rehab I realized there was minor plumbing issues so I called a plumber to check it out. These issues ended up not being minor as there was a cracked main sewer line and also lots of issues with the plumbing. This ended up not being good as the repairs were around 20-30k to fix! I don’t have funds to fix the property to that extent! I’m on here to figure out the best way for getting rid of this property so I can reset and educate myself more before buying my next property! Thanks
Most Popular Reply

On the bright side I'm glad this didn't shatter your real estate confidence! You will find a solution to this and won't make this mistake again. I think Shane's comment above will be most helpful to you. Connect yourself with more people and you may be able to find somebody who has the funds and would be willing to take the property off of your hands. Get out of the property at a zero or affordable loss that won't kill you.
I'd also advice reaching out to other plumbers about your issue. Even if they give you the same opinion/pricing, they may have somebody in their network who would take this property over for you.
Where in Cleveland is the property?