All Forum Posts by: Whitney Bivins
Whitney Bivins has started 2 posts and replied 4 times.
Post: Should I cut my losses and start over?
- Posts 4
- Votes 2
I bought a 1960s 355k duplex with an owner occupied loan. 7.5% interest, about 2800 mortgage payment. Since living here I’ve put in a new HVAC in both units and kitchen into one unit, I’ve max out my credit card, and have had my parents help me. I can likely get about 1500 per side. I’ve had to evict the original tenants, got rid of a roach infestation, and the electrical seems iffy. I’m only 24 and no one has really helped me (in terms of guidance) so I’m trying to figure everything out on my own. I feel like I’ve put so much money into the house and I haven’t even gotten to rent it out yet. I’ve had the house for 6 month and I feel like there’s so much deferred maintenance that I can’t keep up, should I cut my losses and sell the house? Or how do I know when I put to much in? I could sell, repay parents and credit card, save money for a year and try again. I will say the house is in a good location, close to downtown which is being renovated. If I should give more info on the house or situation please let me know
Post: First house hack w/ Structural Damage
- Posts 4
- Votes 2
Quote from @Raymond J. Rodrigues:
@Whitney Bivins, see if the seller is willing to cover the cost. Whats the age of this home?
The home is from 1960s and never had a moisture barrier so that’s where the damage is coming from.
Post: First house hack w/ Structural Damage
- Posts 4
- Votes 2
Quote from @Michael Dumler:
@Whitney Bivinsit doesn't sound like a deal killer to me as long as the seller cooperates and provides concessions at closing. How are you financing the deal?
Post: First house hack w/ Structural Damage
- Posts 4
- Votes 2
Hi,
I am currently under contact for my first house hack a duplex. During the inspection the inspector found structural damage to the property in the crawl space. I got a structural engineer to look at the house and he said I would need to take out the floors from the top down redoing all the floors and most of the crawlspace and that would likely cost about 20k. This is something I would have to do right away since it’s so bad. The perimeter of the house is fine but anything inside is not.
I plan to live in the house for two years, renovating some. Then look for my next house hack. I do believe that with some TLC this house can appraise for 50k higher by the time I move out as well as cash flow. The seller is giving me a one year home warranty.
As someone who has never bought a house a 20k renovation right off the bat feels very scary. Between the 20k and the money I know I will put in to renovate the house it feels a bit overwhelming.
Should I take the house and if the seller is able to give me the money for the repair and deal with any hidden costs?
Should I back out the deal and wait for another even with being in a fairly competitive market?