Skip to main content

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/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more