Literally everything needed to be fixed

[Chabelis Alegria]

Let me start by saying I’m not exactly sure what I’m looking for—whether it’s advice or just some encouragement to keep pushing forward...

My first-floor tenant in the duplex called and let me know there’s water in the unfinished basement because someone thought it would be a good idea to flush wipes down the toilet. On top of that, it turns out there may be a cracked pipe under the basement, and BOTH electrical panels have been surcharged and now need replacing.

Last year, I bought another property in Detroit, MI, which has great potential for returns but needs some work. The renovations just wrapped up, and both units are now on the market. That property also needed a lot of work before it could be rented out.

Honestly, I’ve been feeling overwhelmed and anxious, questioning what I’ve gotten myself into (thankfully, I have property managers!). I’d really appreciate any input from people who have been through it all, managed to keep at least some of their sanity intact, and still held on to some of their investment.

[Chabelis Alegria]

Quote from @Jules Aton:

First, I feel you. 

What I have found with rental properties is that things wax and wane. There are times when a property takes a ton of time and money but will then be fine for a year or two. It can be overwhelming. Generally speaking there is a lot of babysitting that needs to be done. I have only used a PM for one STR which helps but you are still on the hook for responding and financing the snafus. Bottom line: there is no free lunch, RE isn't passive income and in my opinion I earn every dime it brings in.

Thanks for the response.  

 Jules, this property management company that I have in Philly, is good they have been very helpful. I found them through here.  

I needed a property management company I can't deal with tenants directly I needed the buffer.