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Updated almost 5 years ago on . Most recent reply

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Hope Louisse Montenegro
  • Chicago, IL
3
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Sell investment property?

Hope Louisse Montenegro
  • Chicago, IL
Posted

I bought this single family home in Indianapolis for $130k intending to hold forever as passive income investment. Since then however, I've had to evict a tenant and hire a new property manager which has cost me in repairs and loss of rent from Oct 2019- Mar 2020 of about $23k. I'm still having to do repairs ranging from $200-$1000k per incident since my new tenants have moved in in April of this year. Rent income is $1200 and mortgage is $835/month. I'm very disheartened and don't know if I should just sell this home or wait it out to get my money back at the very least. 

Thank you

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433
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Tucker Cummings
  • Investor
  • Raleigh, NC
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Tucker Cummings
  • Investor
  • Raleigh, NC
Replied

@Hope Louisse Montenegro I agree with @Jason Reynolds, its hard to know the best thing to do other than just learn from it right now. 

I'd also be curious to know how long you've had the property and do an overall analysis of the actual cash flow its brought you. All things being considered, it sounds like the property manager has been less than ideal, and could be the true source of the problem. Maybe try finding a new property manager that can screen better tenants for you?

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