Question about my first deal my first deal.

[Troy Kerr]

Good afternoon BP,

I recently got my first property rented. I needed to rent fast so I lowered the price from 2200 to 1850. The Management company gets ten percent 185. The Mortgage is 1500.

I bought the property no money down for 244k. I should see about 125 dollars in cash flow. This is my first property. I think it may have been a mistake lowering the rent. But a wanted to make sure that I wasn't stuck with two Mortgages.

Does this sound like any of your first timer stories? please tell me what you think my best path forward would be? I think she has more potential.

Is it feasible to raise the rent on the next lease? Could I have made more cash by managing the property myself since it is brand new, built 2014, 5 beds/ 2.5 bath Norfolk, Va?

Thanks in advance BP.

Troy,

I previously posted this in the wrong room, I think.