New Landlord Please Help
Good Evening Ladies & Gentlemen,
I am a brand new to this multifamily investing. I closed on a property recently and I am on a transition of slowing moving into the the property since it's a 40 min drive from where I used to stay. Now it's a pretty big 3 unit property with 8 beds and 3 bathroom built in 1814 in Bristol, Connecticut. But it was sold to me "as is" and that comes with some expenses. It has a new roof but some of the lower roof is slight aged. Chimney needs some flashing. I had a couple contractors come over for one issue and they pointed out issues my home inspection couldn't find like bubbling siding (30K), small foundation brick repoint, previous water damage ceilings, open pipe that should be walled up, bathroom window that should be replace because it will rot eventually so I should replace it PVC. The siding is a costly repair. But the siding doesn't seem old. Contractor is saying I can write most these repairs out of my taxes but I'm not ready to spend that big sum of money. And he said he'll replace the whole house siding since some are bubbling up. We've found out their is no plywood behind the walls during electrical work and the guy said that's risky for lower than 15 degree weather. And to do all that will be close to 60K or 6 figures. On top of that everything is knob and tubing. I'm getting overwhelmed with these prices. Tenants were long term but they are pay lower than market rents. I was planning to raise it fairly for retention because vacancy can be a nightmare at this point. Current then rent cover 82.5% of my mortgage but raising it "fairly" will at least cover it all and may at least make me a buck to cover some of utilities costs on my end. So I don't know the proper way to manage all these expenses. Obviously I don't want to pay it in one shot. God knows if I will get these repairs back in my taxes. Just a young guy with a decent salary trying to invest in an asset while living in it. What should be my approach. I don't want to burn my life savings down the drain.
I could use some advise to give me financial strategies to go about this. My goal was to build wealth and passive income but I feel I'm in a ditch. I have no one to talk to about this.