Literally everything needed to be fixed

[Chabelis Alegria]

Let me start by saying I’m not exactly sure what I’m looking for—whether it’s advice or just some encouragement to keep pushing forward...

My first-floor tenant in the duplex called and let me know there’s water in the unfinished basement because someone thought it would be a good idea to flush wipes down the toilet. On top of that, it turns out there may be a cracked pipe under the basement, and BOTH electrical panels have been surcharged and now need replacing.

Last year, I bought another property in Detroit, MI, which has great potential for returns but needs some work. The renovations just wrapped up, and both units are now on the market. That property also needed a lot of work before it could be rented out.

Honestly, I’ve been feeling overwhelmed and anxious, questioning what I’ve gotten myself into (thankfully, I have property managers!). I’d really appreciate any input from people who have been through it all, managed to keep at least some of their sanity intact, and still held on to some of their investment.

[Drew Sygit]

@Chabelis Alegria think about it this way, how many years will it be until you have to address these issues again?

Decades!

This is one of the challenges of buying older properties with LOTS of deferred maintenance.

Just be careful about HOW much repairs you do and the QUALITY.

You should fully understand what "Maintain to the Neighborhood" means! 
- If you under-improve, you risk being a slumlord.
- Many newbie investors OVER-improve and do Class A work on a Class C property. Then they wonder why they aren't seeing any ROI!

The standard "systems" are set up to over-improve. 95%+ of agents only deal with owner-occupied properties, which are typically Class A, so all their connections are geared toward servicing Class A (maybe Class B) properties. Even many PMCs are focused on Class A & B properties, so they're unlikely to be cost-efficient with Class C (or D) properties.
YET NO ONE THINKS TO TELL AN INVESTOR THIS!