I recently bought my second investment property. My first one went really well, which gave me the confidence to expand, but this second one has been a completely different experience.
There’s a much bigger to do list than I expected, along with a lot of unexpected expenses. It’s starting to feel like everything is hitting at once. They are not urgent currently but eventually everything needs to be solved as the issues can’t be left as the way it is now.
Financially, I’ve already used a lot of my cash paying off 3 boiler debt on my other property, so what I have left is mainly reserved for emergencies. I wish I could just pay everything upfront for the second property and get it all done within a month or two, but that’s not my reality right now. (Yes, I can pull out loans for the big ticket items, but I wish I could just pay everything upfront.)
My original plan was to hold these properties long-term (basically forever), but lately I’ve been really tempted to sell the second property, take the cash, and put it toward my first one so I can pay it off much faster, maybe even within a year or two.
At the same time, I feel like that might just be me wanting short-term relief instead of sticking to the bigger picture.
Has anyone else gone through this after expanding? Did you regret selling too early, or regret holding through these hurdles? How to overcome these thoughts and feelings? I know I can get them done eventually but not the speed I want or the way I want to pay etc.
Has anyone felt this way before from going to your first investment property to the second?
byu/Consistent_Drive_338 inrealestateinvesting
Posted by Consistent_Drive_338
3 Comments
second property blues are real man. been there with my first rental when literally everything decided to break in month 2
pulling back to focus on one solid property instead of juggling two problem children might actually be the smarter play, especially if your cash flow is already tight. sometimes scaling back isn’t giving up, it’s just being realistic about your bandwidth
Never sell. I regret selling off a few properties.
I mostly invested in new construction to avoid replacing big ticket items and costly repairs that naturally come with resale especially older properties.
This is a tough situation . At the end of the day , your finances and comfort level with make the decision for you.
Can you afford to continue with repairs and all the work needed.
What about future repairs ?
What’s the appreciation like?
You recently bought property so if you sell you will sell at a loss after commission and expenses.