North Carolina woman, 27, reveals how buying her dream first home has turned into a nightmare that ‘RUINED her financially’ and left her ‘drowning’ in a staggering $50,000 of debt
A woman has revealed how the experience of buying her first dream home quickly turned into a financial nightmare that has completely drained her savings and left her ‘drowning’ in as much as $50,000 in debt.
Sam Barker, 27, of Durham, North Carolina, was ecstatic when she bought a “cute” 1940s house last summer.
But the picture-perfect property, which she admits was in need of many renovations, quickly became a disastrous “money pit” – when almost everything that could go wrong, did go wrong.
The problems started not long after Samantha moved in, with the TikToker explaining that she encountered a whole host of issues with the property that weren’t brought up during the inspection, from holes in the attic to a tree growing in the foundation.
A woman tells how buying her first home ‘financially ruined’ her and left her ‘drowning in debt’ after she was forced to pay another $50,000 in repairs
Sam Barker from North Carolina explained on TikTok that what she thought would be her dream home turned into a nightmare when almost everything that could go wrong did.
She had to take out numerous loans and cash out her retirement fund, leaving her “eaten alive by debt” and mentally struggling.
She recently shared her story in a series of videos shared on her TikTok.
“I went from being the most financially sound and responsible person to being eaten alive by debt,” Sam says in one of her videos.
The North Carolina native explained that she fell in love with the ranch-style home “instantly” thanks to its “cute” appearance and “perfect” location.
She said she knew it would need “a lot of work” because it “hadn’t been updated in decades” and that she was willing to spend money on “renovations” — but she never expected it would cost her so much. would cost money.
She also promised that she had “done everything she needed to do” before making the purchase.
“It needed a lot of cosmetic work and updates. So I kind of had an idea of what I was getting into,” she explained.
“I saved all my money and went into a down payment program so I had more money in my pocket for renovations.”
She added that she had to take out “three different loans” and max out “three credit cards,” and has now racked up about $50,000 in debt.
She also had the house inspected and was told that “it was in excellent condition considering its age.”
In one of her TikToks, Sam listed everything that went wrong after she moved in, ranging from “rotten” walls to “termite damage.”
“First of all, the seller didn’t reveal anything at all,” she said. ‘Secondly, my inspector completely failed me.
“Eighty percent of the house ended up having wood rot and water damage, which he didn’t talk about.
“There was an entire bedroom where every single beam underneath was either damaged by termites or completely rotten.
“I had a tree growing in my foundation through my attic and a hole in my attic because there’s just no covering.
‘All the electricity in the house is faulty and poorly done. The entire house is basically a fire hazard.
“My roof has a dead valley, so all the water just sits there with nowhere to go but into the house.
“And my HVAC and furnace completely shut down the first week after I moved in.”
Sam said she has spent “all her savings and retirement funds” trying to “make the house livable.”
She added that she had to take out “three different loans” and max out “three credit cards,” and has now racked up about $50,000 in debt.
“Before I bought a house, the only debt I had was student loans and a car payment,” she added. “I was ready to go, I had my retirement saved.”
Sam, who admitted the stress had ‘had a negative impact on her mentally’, said she was determined to ‘get out of it’.
She said she was going to try “various side hustles” to make enough money to pay off her debts and sell the house.
She explained that in addition to her job as a “scientist in the biotech industry,” she is also a volleyball coach and runs an Etsy store where she sells 3D printed fidget toys.
But even with all those side jobs, she fears it will be a long time before she is even close to overcoming her debt. She explains that in the month of March, she made $581 after taxes from her volleyball court, and made another $120 from Facebook marketplace, as well as $40 from Etsy.
Yet she refuses to admit defeat to herself.
‘You know what? I’m making money online and I’m going to get myself out of it. “I feel good,” she concluded. ‘I feel optimistic and powerful. Follow us if you want to see how I do it.’