First investment back against the wall. Need advice!

[Phyo Ko]

I bought a duplex and feel like I did everything wrong from over spending on renovations to who I hired for contractors. The learning curve a killer but now I am stuck on unloading my burden selling it to break even or renting it out at loss. I am don’t what to do my confidence is at a low when making a decision. I don’t think the place will sell quickly with the market. And the rent estimates from pm will only cover 90% of mortgage. What to do can hold any longer.

[Anthony Dooley]

How much did you spend on the purchase and renovation total? How much is it renting for? Even without knowing those numbers, I can tell you that holding it is the best answer, long term. Keep in mind that most leases are for 1 year. After that, the lease is up for renewal and you can increase the rent. Also, you can list it for above market rent if your renovations make your property look and feel better than the average place. What about pet rent? You could save 10% by managing it yourself. Selling is a bad option because your only buyer is another investor, and investors never want to pay retail price.