All Forum Posts by: Ade Akingbade

Well not all bad I’ve learned a lot

I bought a 2 unit that needed work but it’s taking too long and costing too much.

unit 1 is ready but the exterior needs work as well as the second unit. should I sell take a 35% loss and move on

Continue saving/investing in repairs

repair Just enough to get a HEL

Nothing focus on my other business that is making good profit 

How can I speed/turn this deal around?

Quote from @Ade Akingbade:

Quote from @Russell Brazil:

Quote from @Ade Akingbade:

Last month, I purchased my first rental property in Baltimore for $117k and invested an additional $13k in renovations. Since then, I've encountered several significant issues:

1. **Air Conditioning:** The AC unit is malfunctioning.

2. **Basement Water Damage:** The walls in the basement are wet up to 15 inches, and it appears that water is seeping in from the ground.

3. **Neighboring Property Condition:** The adjacent row house doesn't have a roof, which may be contributing to my issues.

Additionally, I'm struggling to find a tenant. I'm considering selling the property, but the financial numbers don't seem to justify this move. A little overwhelmed!

I would greatly appreciate feedback from those with experience in property management or similar challenges. Any advice or insights would be valuable.

Thank you!

 $100k neighborhoods in Baltimore aren't for beginners or light of heart. If a newbie is investing in Baltimore City, they should stick to the locations where the housing stock is in better repair, the tenant base is better, and where there is rental demand. I wouldn't touch a rowhouse in Baltimore under $200k, and would preferably want to be in the $250k plus neighborhoods.

 Thanks, Russell. I am here now, any go forward advice?

 The fact you got a shell with no roof next door makes a solution pretty hard to be honest. You're going to continue to have water problems til there is a roof on that property.

What's the ARV? Can you flip the property? What's the address?

Quote from @Ade Akingbade:

Last month, I purchased my first rental property in Baltimore for $117k and invested an additional $13k in renovations. Since then, I've encountered several significant issues:

1. **Air Conditioning:** The AC unit is malfunctioning.

2. **Basement Water Damage:** The walls in the basement are wet up to 15 inches, and it appears that water is seeping in from the ground.

3. **Neighboring Property Condition:** The adjacent row house doesn't have a roof, which may be contributing to my issues.

Additionally, I'm struggling to find a tenant. I'm considering selling the property, but the financial numbers don't seem to justify this move. A little overwhelmed!

I would greatly appreciate feedback from those with experience in property management or similar challenges. Any advice or insights would be valuable.

Thank you!

 $100k neighborhoods in Baltimore aren't for beginners or light of heart. If a newbie is investing in Baltimore City, they should stick to the locations where the housing stock is in better repair, the tenant base is better, and where there is rental demand. I wouldn't touch a rowhouse in Baltimore under $200k, and would preferably want to be in the $250k plus neighborhoods.

Quote from @Ade Akingbade:

Last month, I purchased my first rental property in Baltimore for $117k and invested an additional $13k in renovations. Since then, I've encountered several significant issues:

1. **Air Conditioning:** The AC unit is malfunctioning.

2. **Basement Water Damage:** The walls in the basement are wet up to 15 inches, and it appears that water is seeping in from the ground.

3. **Neighboring Property Condition:** The adjacent row house doesn't have a roof, which may be contributing to my issues.

Additionally, I'm struggling to find a tenant. I'm considering selling the property, but the financial numbers don't seem to justify this move. A little overwhelmed!

I would greatly appreciate feedback from those with experience in property management or similar challenges. Any advice or insights would be valuable.

Thank you!

Why are you buying where the neighboring buildings don’t have roofs?


was the water damage visible in the basement when you bought?


Stop looking at purchase numbers. You don’t have the experience. Dump this place, buy a decent place near where you live that doesn’t have physical issues. Start small, slow, and smart.

Hello Marlia, 

Hey BiggerPockets, I’m here for any advice that you can give me on my current situation.

I recently purchased my fist Duplex property in July 2021. The property seemed like a great investment with minor cosmetic issue to be done. Certain things in regards to the property my realtor didn’t advise me to look further into after the home inspection, such as the gas and electric bill. As I began to work on the property with my contractor. We found more and more issues wrong with the property like the plumbing and state guidelines. A month later I tried to turn the gas on and put the service in my name. One unit was successful and the other wasn’t. The service was off for a year(which I didn’t know) and the unit required an inspector. I hired an inspector referred by PGW and it failed due to it not being up to “Code”. For the unit to be up to code I had to hire an electrician and all of them were mentioning that It would be thousands of dollars to fix.

On another note I tried to put the electric in my name as well. One unit was a success and another unit was not. The repress mentioned that one unit has been off since 2017( which I didn’t know) During the home inspection, for some reason the electric was on for both units and is currently on (Illegal Electric). Being as though this was my first investment property, who was supposed to figure this information out? Was I?

These two are keeping me from listing the property and putting tenants in there. It has been almost 4 months since I purchased the property and it has done nothing, but stress me out to the point where I am considering selling and starting over. I’ve lost more money than was expected. Please share any advice that you may have or any stories that may help.

Create a written set of criteria. Make sure that criteria is legal in the location. Provide criteria to any applicants. Then it is black and white....they either meet the criteria or they dont.