11. Regrets about Investing in RE

rainhouse007.jpgI thought I’d make a bundle……

2 responses to “11. Regrets about Investing in RE

  1. I sold my primary residence in August and bought a presale (2010) in October. I was/am not trying to make a bundle, but there was only one suite in the development I wanted . I am still confident in the area and developer but fear that I should have waited and gotten a cheaper price. Are there many people out there with the same regrets? (a)

  2. This from odesseus at RE Talks
    “I have purchased a home some 6 months ago; 3 level, 4 bed, with a 1 bed basement suite roughed in (needs cabinets). The home was an owner built home (no home warranty only a ‘personal’/owner builder guarantee from the builder).
    Since moving in with my wife, the home has developed several major problems (leaky showers, leaky deck and finishing). Builder has walked away from the situation and left me to go to court to get my $$$. I have fixed the deficiencies myself at cost of approximately 30K. So now it’s ready to sell. Here is the rub, not only did I purchase a problem house, I paid a little bit too much money (always do your homework and never trust a RE agent who wants to make a ‘fair’ offer).
    So if I sell, I’m going to take a loss, on top of my repair bill; some of which, but probably not all I can recoup in court. On the other hand for a few more dollars I can put a small kitchen in the basement and rent out the top and bottom for a little more than my mortgage payment (maybe 2-300$), also I have approx 40% equity in the property (60% financed).
    The question is…what do I do. Sell and get out while I can before the market softens too much, or become a landlord to a problem property (who knows what else is hiding in the walls!!!) but then at least it is only a paper loss.”

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