Rented too Low
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,