A first-time real estate investor in the Northeast shared a raw, detailed account on Reddit about the highs and lows of jumping into property ownership. In the post, the 38-year-old immigrant described buying a $700,000 duplex with big dreams of financial freedom—and the harsh lessons that followed.
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‘I'm Feeling Overwhelmed’
“$700K duplex, permit issues, and a nightmare tenant—I’m feeling overwhelmed,” he wrote, summing up his experience in the post’s title.
The investor explained that despite earning roughly $12,000 a month after taxes and having no consumer debt, his first year as a landlord has been anything but smooth.
“I’m new to real estate investing—and honestly, to investing in general,” he wrote. “I wasn't raised in the U.S., and I don't have anyone in my network who could've guided me.”
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After putting 3.5% down using a Federal Housing Administration loan and closing in summer 2023, he moved into the downstairs unit and renovated the upstairs for Section 8 tenants. He rented it out for $3,350 a month. Encouraged by that success, he spent another $45,000 to convert the basement into an Airbnb unit, which started strong and brought in over $7,000 in revenue and $6,000 in profit between November and December.
But a plumbing issue late last year uncovered more than just a leak. “The repair has cost me around $30K so far,” he said. Worse yet, inspections revealed the renovation was done without permits—something he said he was unaware was required. That oversight may now result in an additional $20,000 in fines.
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Tenant Troubles And Legal Stress
The upstairs tenant has also become a major source of stress. While rent is paid on time, he described the tenant as “loud, combative, and causing me serious stress.” He's now initiating eviction proceedings, even as the tenant threatens legal action against him.
“If I keep her, I will ruin my mental health,” he told commenters. “My tenant wasn't inherited … I actually selected them… but again lessons.”
With a mortgage that recently rose to $6,600 per month due to a tax reassessment, and only $6,300 in rental income from both Airbnb and Section 8, he says he’s just breaking even. “At least I'm not coming out of pocket,” he noted.
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A Strategic Pivot
Looking ahead, he’s planning to move into the basement and convert both the upstairs and downstairs units into full-time Airbnbs. “One is a 3-bedroom and the other is a beautiful 1-bedroom—I believe this pivot could help me recover from all the unexpected costs,” he wrote.
Despite the challenges, he remains optimistic and committed to his financial goals. “I'm proud of what I've built, but I've made a lot of costly mistakes, and now I'm feeling discouraged.”
Reddit users flooded the thread with support and advice. One summed it up: “Everything is hard before it’s easy. The first property is just about learning. As long as it doesn’t lose you money, the education is the value.”
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