Experience needed on rental

[Michelle Rinaldi]

We just purchased a two door rental which is currently occupied/rented.

The error on our part is that we didn’t double check the numbers and it seems the bank didn’t double check the numbers. The realtor we used didn’t change a number on the spreadsheet taking us from a 10.07 cash on cash yield to -1.2% .

We are new to this and we are trying to figure out a solution to this.

We put 20% down. The realtor did offer to buy the place. Suggestions please.