The House On Dewey
I moved to Pittsfield Ma back in 2007. Upon moving to the area I decided to purchase a duplex with the thought of living for free. I landed a great job in the Berkshires and figured it would be a good idea to save money. Not know the area or much about real estate at 24yrs old.. I purchase this property being my first home purchase in what is know as a bad area in town which I was not aware of coming from NYC.
I realized that renting the property to good tenants was a major struggle ( very low income if any income at all neighborhood). I went through many bad tenants and nearly went broke due to the destructive tenants, late or none paying tenants, criminal activity and drama. Not have enough capital saved and needing to always get a new tenant quickly helped things get worse for me.
I was able to overcome this issues after many years of pushing through to the point where I have been able to get steady tenants and maintain the property making on time payment for the past 3 years. Even through now I am getting a little cash flow from the property and things have been going well.. its still not a property I want to hold onto. Since then I have moved on and purchase more properties but I still have the headache of the house on Dewey.
I would like to get rid of the home but I have found that I cant get what I owe on the property.. so I am stuck with the house on Dewey.. by at least 20k..
What should I do??
put the 20k down and cut my losses...
invest to upgrade property and try to break even if I get it sold...( not likely going to happen)
walk away and suffer the consequences on my credit.. ( I do have a good amount of capital to continue investing with cash)
continue pushing forward with the headache to pay down the principle...
Just looking for suggestions..
This was definitely a great learning experience but I think I have learned enough from it and would like to break ties with the house on Dewey as soon as possible...
thanks for the insight.. I could make a horror movie out of this experience..