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Sell my property or hold

I bought a cheap 5plex 6 months ago (August 23) out of state for about 150k I made make ready repairs to make it livable. the initial quote was 30k, but I limit myself to do very basic ones, so I spent about 8K on that.

Once fully occupied, I expect $500 per unit or $2500K per month. However, since September where the repairs were completed, the property management company is not having tenant. I posted it on marketplace in December and we filled 2 rooms, added to 1 existing tenant. But still have 2 rooms vacant. I believe it is not as much as attractive to lead due cosmetic but I am not willing to put more money on it

I had a commercial loan on it since more than 4 units so the interest is pretty high + the insurance too (very old building of 1930s): monthly payment PITI is $1300

After 6 months of having this asset, I barely received $2000 from the property management. So I have to pull on my own account to pay the PITI.

With repairs bills that are coming here and there (which I can't control nor verify because Out of state), plus vacancy, I am debating if I should still waiting or sell it? Not sure if I am lacking patience or what to do.

Any advice is greatly appreciated

submitted by /u/cococpa
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1al1huo/sell_my_property_or_hold/
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