This is all a part of being a landlord. You’ve put all this money into something up front, gone through all the aggravations of closing and renovating to start collecting rent to pay the expenses. Problem is all sounds great until you have to list and rent it. Then you’ll have property problems to deal with along the way.
The better you screen for good tenants, the less headaches you’ll have. It’s realky that simple. If you want lower your standards that’s your choice but be prepared for issues either with damage or non payment of rent and going through the process of eviction all while you’re collecting nothing and having to pay the expenses along with legal fees. Even if you win in that case it doesn’t mean you’ll get the money owed so having good tenants is always the first point of order to start the very long process of getting all that money you put in up front back. That will take many years and many more before you start seeing any kind of actual profit.
Since we have such little info. On the ad’s and comps in the area, etc. it’s impossible to make a rational assessment of what’s wrong.
One issue i see right away is the location. Milwaukee is not a hothead of employment. Not exactly a good location (Class B or A) to buy in. Therefore that’s a slow and essentially undesirable market to even think about buying in unless it’s a low income area. Those would probably rent quicker since you’re casting a far wider net of demographics of people that can afford the rent. After all if they do have good means they could simply buy a home instead of rent it which is probably what people r looking at.
You also bought a single family home instead of a multi family to spread the risk.
Property is cheap in Milwaukee and the area for a reason. Fact is not many people want to actually live their unless they have to. If you provide a link perhaps there a good explanation and solution can be found. As others have said it’s probably your price.
