Need advice on renting a 4-plex in Bradenton, FL

[Jex Leiva]

Hello,

Hope you’re all well!

I’m seeking advice as my brother and I are still new to real estate investing and are struggling renting/making good use of a 4-plex he bought back in June in Bradenton, FL.

The current challenges are:

• - Remaining unit to rent as has loft that isn’t appealing to anyone in the area despite the fact that the price includes utilities (806 W 66 Ave  Bradenton, FL - Zillow add)
• - PMs in the area haven’t had any success in renting the property either
• - Covering the mortgage so far, in addition to the repairs, has consumed most of the reserves
  
• - Property was bought via PML at a 12% interest that must pay for at least 3 years
  

We recognize that we could have done more research about the demand for these rental units prior to purchase and that can improve the rental add but are we making any other mistakes or missing on other opportunities with this property?

Thanks!

[John Landskroener]

Everyone in Florida is having difficulty renting. We're seeing over 90 days of vacancies on single family homes. They're putting apartments up like crazy and people are going there because of the lower credit scores, lower damage deposit, and the amenities. It's hard for everyone unless you're looking to rent 5+ bedrooms or something an apartment can't provide.