Educate a newbie or two: what purchases have you made that ended up:
Also, if you would share any red flags that maybe went ignored before the purchase, that would be very helpful, as well as what you did or did not do to resolve the problem. Thank you from the noobs!!!
Paula
The only one I can think of is this used car I bought last year!
Oh and a four plex with a broken water main! That was a mess! other then that they all have issues but nothing serious!
Howdy Esquala:
I could fill a book with the boo-boos I have made. Properties I should not have bought. I started buying when I read books about how to buy property with nothing down and at the time there were plenty to get with nothing down. Where you just start making payments to the mortgage company in the owners name. They were not called by the fancy sub2 name back then we just did the deals with little worry. The problem I had was these houses mostly were over priced. As an example I paid about $75,000 for several houses and that was the loan balance. The houses next door were selling for $45,000 cash or so thru Va or Hud foreclosures or other bank REO’s. The payments were around $700 with the rent $600. Not much of a loss and I held on to about 20 of these for 5 years and the market was just flat with zero appreciation. I finally gave them back to the banks after getting behind on all the mortgages.
Thats all for now. This is the main reason I post so much to try to help others avoid some of my stupid mistakes.
LOL
well, the one that got away was a house in Sacramento I didnt buy, that was selling for $209 last year, I just saw it on the market 3 weeks ago with an asking price of $320. :‘(
and one i did buy 6 months ago with a “great” tennant, that did not pay me rent for 3 months, before i finally evicted her :’(
I have had the same prob. in the past with tenants ingochka they are always fun to deal with I had one that not only never paid rent also never paid for trash service and used the garage for a dump and had 5+ cats living in there! That was a bad rookie mistake on my part never again! also if you do not mind my asking how long did it take to evict in cali?
well this was in my property in AZ, and it took 2 months
(she was impossible to locate) I finally put a lock on the property.
terrible
only thing that saved me was that the property went up so much in the few months i ownd it, i didnt care too much about the crappy experience.
I had heard that about some states Colorado is a two week state!
Before I got my own license and knew anything, I bought a duplex from an agent who didn’t do rent comps. I ended up realizing that I’d barely break even when I’d originally thought I’d have cashflows of about $300-400/mo. The area is still growing, so I’m holding on for appreciation.
Thanks everyone, for your input. Bumping for more crappy experiences we can all learn from.
Paula
I once bought a home from an owner with no right to sell it. Long story. I should have sued the realtor and all those involved. I spent about 4k in painting, fixing, moving, etc before being informed of the situation.
Thankfully, there was a home around the corner that was the same floor plan and 15k cheaper that had just went on the market 
The moral of the story would be to always do what you must do when buying property. Never try to cut corners to save time or a buck, it will cost you.
And always use a title company and or attorney!!!
Great outcome to a bad situation!
That is what I call LUCK!
Well it is Vegas