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Updated about 3 hours ago,

User Stats

19
Posts
20
Votes
Daniel Windingstad
  • Investor
  • Minnesota
20
Votes |
19
Posts

Lemon or no?

Daniel Windingstad
  • Investor
  • Minnesota
Posted

I have a confession: my only duplex, which I gave owned now for 2 years and recently moved out of from a house hack, has proven to cost me more to maintain/pay taxes/repair/fix etc to the point where my cash flow is close to zero. Reason being, I hired a property management company (just now) and they're wonderful, they start officially in a couple days.  But is this going to be worth it? I've had so much emotional and financial stress from this house after I moved out (mostly from a mean and very demanding tenant). They take decent care of the property, but I would get texts all the time telling me to fix many things (some valid, some completely unnecessary) and would get upset if I ever denied any of the requests. Well, we are getting into the cold months and without going into too much detail, it's become extremely scary to talk with them and try and amicably handle requests. The house is in very good shape, but not perfect, it was built in 1959. 

I guess my question is this: is the very low cash flow (due to my low down-payment and high interest) going to improve? Or when is the time to throw in the towel? I've dealt with so much stress. Am I not cut out for this? I'm trying to do the right thing each time and feel like I'm being abused. I hope management works, but taxes are flying, insurance is flying, and I just wonder if I made a mistake with this property. 

anyway, sorry for the rant...

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