New investor in need of advice
Hello There,
I'm Damon, out of Philadelphia ,Pa.
I currently have a 4 unit that I used my va home loan entitlement to obtain back in 2012. Been doing renovations ever since. Have 2 tenants with a 3rd tenant moving in this month. I live in the other unit.
I still work full time at a government job, that I would like to leave in the near future. That's my background.
Ok here it goes, I was the winning bidder on auction.com. I just tried to see what the reserve was and I won the bid. Silly, I know. It is a cash auction for which I don't have the cash. No access to the property is permitted . I paid for a title and U/O report .
Auction.com is only giving 30 days to close. I'm already in for $2981 dollars. The price $58,233. 7 beds and 2 bath SFH. I think I could rent it for at least $1800. Other houses are valued $80k-125k. House next door has fire damage , city posted violations on the window.
Should I just cut my loses ?