I ventured into property investment in memphis about 2 years ago.
Invested a few units in this city. All are on track for positive cashflow except one which is in a poor neighbourhood area. About 9 months ago, the unit was left vacant and soon after, it was vandalised.
My local property mgr was underperforming and i had to change a new one from sept 2014.
My insurance company rejected my insurance claim and if i am to repair, it will cost me over $6-7K. This unit was bought at 49K. Even if i repair it, it may still prone to vandalism.
Any kind advise out there as in how to deal with this toxic unit?
Hi Roy I am sorry to hear about your misfortune on this particular property here in Memphis I am glad you secured new property management that is the key to many out of state or in your case out of country investments. The advice I would give you on this home to get rid of it try contacting some wholesalers to market the property to local investors first then maybe some local turnkey companies to see if they are able to turn it around.. I am not sure if you will get your total investment of $49k back from it but I am sure if it has potential you will get something and my mom always told me something is a whole lot better than nothing!!
I could take a look at it you like just PM me I buy all over Memphis Tn
Cut your loss and move to the next deal. Money you can get back but time you can't. You will continue to wait time and money dealing with this "toxic property".
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing