Insight into a failed deal
Purchased a property in Southeast not in the great side of town. I underestimated the perception locals have on areas and am looking for creative ways I can use the property short of me moving in. It is a condo so I have rules and regulations, tried section 8 and no bites yet from reliable tenants. Having trouble finding a property manager who takes homes in southeast most of the major companies told me it does not fit their Portfolio. I have heard of renting to non profits or other government programs but am not sure where to locate these options.
If it is your first deal usually getting a property manager works better at scale once you get past 5-10 properties so not sure if that would be as helpful. You could put some more into renovating it to look nice but if the other units in the area are not that nice it won't help as much. Unfortunately, location is not something you can change for the condo. Unless you can cater to a different class of people like mid-term rental or something like that you may need to lower your rental standards (just not too low).