Bought an investment property in San Diego that is cash positive, but I took over the solar lease + all utilities am I screwed?
Bought an investment property in San Diego that is cash positive. Not by much, but about 800 a month once fully rented out. I can definitely raise a couple of the rents a bit.
I would be bringing in a lot more, but the previous owner was installed solar panels and I took over the lease for it. He saw also paying for their gas, water, electric (from solar), and WiFi so that has taken out a lot of the profit.
I'm now stuck in a longer term solar contract unless (22 years at 181k) unless I pay it out. I wasn't aware of this being a horrible idea until recently. It doesn't seem like there is a way to get out of it without buying it out.
I'm also not sure how to get out of the rest of the utilities for the tenants? I plan on not offering WiFi for the any new tenants, but not sure how to go about the rest.
If all else fails I'll try to sell in 2 years. Any thoughts would be helpful. I've been beating myself up over this.
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source https://www.reddit.com/r/RealEstate/comments/1phbr3f/bought_an_investment_property_in_san_diego_that/
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