Rented too Low

[Troy Kerr]

Good afternoon BP,

I recently got my first property rented.  I needed to rent fast so I lowered the price from 2200 to 1850.  The Management company gets ten percent 185.  The Mortgage is 1500.  

I bought the property no money down for 244k.  I should see about 125 dollars in cash flow.  This is my first property.  I think it may have been a mistake lowering the rent.  But a wanted to make sure that I wasn't stuck with two Mortgages.

Does this sound like any of your first timer stories?  please tell me what you think my best path forward would be?  I think she has more potential.

Is it feasible to raise the rent on the next lease?  Could I have made more cash by managing the property myself since it is brand new, built 2014, 5 beds/ 2.5 bath Norfolk, Va?  

Thanks in advance BP.

Troy,