You're not moving in. That's the first thing. Condemn the place. Get a renovation loan and get to work. Get rid of those tenants.
This is why your first home shouldn't be an investment property. You weren't prepared and got greedy thinking you could own a home and get tenants to pay the mortgage and it'll be so easy.
Agreed. The house is a 100% teardown. Next, hire a lawyer. Come up with tangible damages to send to the previous owners and the real estate agency. It should be pretty straight forward. I'd also sue the inspector. The lawyer can advise you on his liability to you.
You probably have 1% chance of getting any rent. Just cut them loose and evict them.
Good luck!
While we never thought it would be easy, I also didn't think it would all go so wrong this quickly. We've been working very hard for our money, living on less than half our take home pay to make this happen. I gave up our honeymoon, 2nd car and a bunch of other things.
Hopefully tomorrow turns a corner!
You're a slum landlord now. You will learn some things you never suspected before. You will also learn why those who criticize landlords for being greedy bastards are morons without life experience. My advice, repair what you must and no more. Find out which of your tenants will pay the rent, and start getting rid of the others (which can be a nightmare, by the way). To own the kind of building you bought, you must possess a very thick skin. Otherwise, your tenants will eat you alive.
Find out which of your tenants will pay the rent, and start getting rid of the others (which can be a nightmare, by the way).
If you need to get rid of them all, have the place develop even worse problems so they just leave on their own. It's already half way there.
Excellent advice.
I made a priority list and am going to start from the top down. If the Tennants don't like me ignoring small problems they can leave.
You weren't prepared and got greedy thinking you could own a home and get tenants to pay the mortgage and it'll be so easy.
An all-to-common story.
It would be helpful if you could sell a property without 30% loses just in taxes, realtor fees, and mortgage fees. Then getting involved with a property you had to back out of wouldn't really be that much of a big deal.
Really these exorbitant property purchase taxes etc are a violation of your constitutional right to freedom of movement.
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