A woman has revealed how the experience of buying her first dream home quickly turned into a financial nightmare that completely depleted her savings and left her “drowning” in a huge debt worth $50,000.
Sam Barker, 27, of Durham, North Carolina, was ecstatic when she bought a “nice” 1940s house last summer.
But the perfect property, which she admits needed a lot of renovations, soon became a disastrous “money pit” when almost everything that could go wrong did.
The problems began shortly after Samantha moved in, with the TikToker explaining that she found a number of issues with the property that hadn’t been mentioned during the inspection, from holes in the attic to a tree growing on its foundation.
A woman has opened up about how buying her first home “financially ruined her” and left her “drowning in debt” after she was forced to pay more than $50,000 in repairs.
Sam Barker, from North Carolina, explained on TikTok that what he thought would be his dream home turned into a nightmare when almost everything that could go wrong did.
She had to take out numerous loans and withdraw her retirement fund, leaving her “eaten alive by debt” and struggling mentally.
He recently shared his story in a series of videos shared on his TikTok.
“I went from being the most financially sound and responsible person to having debt eat me alive,” Sam said in one of his videos.
The North Carolina resident explained that she “fell in love” with the ranch-style home “immediately” 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 she was well prepared to spend money on “renovations,” but she never expected it to cost her so much money.
He also promised that he did “everything he was supposed to do” before making the purchase.
‘It needed a lot of cosmetic work and updates. So I had an idea of what I was getting into,” she explained.
“I saved all my money, did a down payment assistance program so I could have more money in my pocket for renovations.”
He added that he had to take out “three different loans” and max out “three credit cards,” and is now approximately $50,000 in debt.
He also had the house inspected and was told “it was in very good condition considering its age.”
In one of his TikToks, Sam listed everything that went wrong after moving in, from “rotten” walls to “termite damage.”
“First, the seller didn’t disclose anything,” he said. ‘Secondly, my inspector completely failed me.
’80 percent of the house ended up with dry rot and water damage that he didn’t mention.
‘There was an entire bedroom where every beam underneath was damaged by termites or completely rotted.
‘There was a tree growing on my foundation through my attic and a hole in my attic because there’s just no siding.
‘The entire electrical system in the house is defective and poorly made. Basically, the entire house is a fire hazard.
‘My roof has a dead valley, so all the water just sits there and has nowhere to go except into the house.
“And my HVAC system and heating completely broke down the first week after I moved in.”
Sam said he spent “all his savings and retirement funds” trying to “make the house livable.”
He added that he had to take out “three different loans” and max out “three credit cards,” and is now approximately $50,000 in debt.
“Before I bought a house, the only debts I had were student loans and a car payment,” he added. “I was ready to go, I had my retirement saved.”
Sam, who admitted the stress had “taken a toll on her mentally”, said she was determined to “get through this”.
He said he would “try different side hustles” to try to make enough money to pay off his debt and sell the house.
She explained that in addition to her work as a “scientist in the biotech industry,” she is also a volleyball coach and runs an Etsy store where she sells 3D-printed anti-stress toys.
But even with all those side hustles, she fears it will be a long time before she’s even close to getting over her debt, explaining that she earned $581 after taxes from her volleyball job during the month of March, and earned an additional $120 from the Market. Facebook, as well as $40 on Etsy.
Still, he refuses to admit defeat.
‘Did you know? I’m making money online and I’m going to get out of it. I feel good,’ she concluded. ‘I feel optimistic and empowered. Follow me if you want to see how I do it.’