Screwed up, can no longer afford to maintain my property

[Elijah Williamson]

I purchased my first, and so far only, property about a year ago. I've been a follower of BP for a few years now and have spent many hours reading the various books they recommend on the podcasts. I was eager to jump in with all my new knowledge and see what I can do. All my friends and family were sceptical, with some telling me why I shouldn't do this but I was already set.

Turns out, I was ill prepared for this endeavor. I spent the majority of my savings fixing the place up before getting a tenant in. Once I did get a tenant, everything seemed to break. Leaks, plumbing issues, broken appliances, mold. All this plus the rise in cost of living has drained me of my savings. On paper, everything worked perfectly but I'm sure you vets of the industry know that it's not that simple. In all honesty, I don't regret it yet as I've learned a lot and I'm young so if I had to start from scratch, I wouldn't mind. In hindsight, I should have waited a little longer and tried to have a partner with this.

Regardless there's now a couple more issues with the property. The tenant wants them fixed which is understandable but I'm essentially broke now. I'm unsure how to proceed. Personally I'd like to sell the place, take the lessons I learned, and try again in a year or two when I'm in a better position to do so.