New investor - Looking for some guidance

[Pete Crane]

Got a decent price on my first rental property in DFW in 2022 but it hasn't been a money maker. Tenants recently moved out and I got a work transfer to Austin so I'm sitting on 2 properties. Would love to speak with someone that's been in the business for a while as a mentor to help me with the rent or sell decision. More than willing to help however I can because I don't want it to be a one way street. 

[Benjamin Aaker]

Quote from @Pete Crane:

@Kenneth Garrett thanks Kenneth. At the time (2022) I was overly excited to get a decent price on the property and didn't do a good job on my due diligence: $3,300 a year difference in property taxes between purchase price and assessed value, HOA increases, costly repairs and increased vacancy the last 2 years. HOAs don't allow STRs which may have been ideal with the World Cup coming in 2026. I believe I need to sell but now Dallas (specifically, the neighborhood the house is in) is experiencing some major slow down. Not sure if it's worth holding onto until the market picks up/stabilizes, cutting or exploring options I'm not familiar with. Appreciate the thoughts.

Pete, you just answered your question. You need to sell. Get it off the books at decent price and take a loss if you have to. You'll take a bigger loss if you try to rent without really wanting to, in a bad market, and underwater. This is a learning experience; we all have them and it'll be great education if you decide to do another one. I hope you do.