Not Going Well - Seeking Advice for Rental Property Challenges

[Ade Akingbade]

Last month, I purchased my first rental property in Baltimore for $117k and invested an additional $13k in renovations. Since then, I've encountered several significant issues:

1. **Air Conditioning:** The AC unit is malfunctioning.

2. **Basement Water Damage:** The walls in the basement are wet up to 15 inches, and it appears that water is seeping in from the ground.

3. **Neighboring Property Condition:** The adjacent row house doesn't have a roof, which may be contributing to my issues.

Additionally, I'm struggling to find a tenant. I'm considering selling the property, but the financial numbers don't seem to justify this move. A little overwhelmed!

I would greatly appreciate feedback from those with experience in property management or similar challenges. Any advice or insights would be valuable.

Thank you!

[John Clark]

Quote from @Ade Akingbade:

Last month, I purchased my first rental property in Baltimore for $117k and invested an additional $13k in renovations. Since then, I've encountered several significant issues:

1. **Air Conditioning:** The AC unit is malfunctioning.

2. **Basement Water Damage:** The walls in the basement are wet up to 15 inches, and it appears that water is seeping in from the ground.

3. **Neighboring Property Condition:** The adjacent row house doesn't have a roof, which may be contributing to my issues.

Additionally, I'm struggling to find a tenant. I'm considering selling the property, but the financial numbers don't seem to justify this move. A little overwhelmed!

I would greatly appreciate feedback from those with experience in property management or similar challenges. Any advice or insights would be valuable.

Thank you!

Why are you buying where the neighboring buildings don’t have roofs?


was the water damage visible in the basement when you bought?


Stop looking at purchase numbers. You don’t have the experience. Dump this place, buy a decent place near where you live that doesn’t have physical issues. Start small, slow, and smart.