4 unit multi-family advise
Good day,
My partner and I purchased (2) 4-units multi family properties in a good in St Louis MO (63123) back in Sep 2021. For around $375,000 each, I only own 2 of the 8 units and my partners closed his part of the loan so I'm carrying the loan now with a net of negative $500 a month if all units are rented. I'm out of state and have a property management company charging 8% but I don't have much options due to not being in town.
I'm working on increasing rent but it will not be significant as I already did after the purchase, thinking about refinancing but interest rates are high now and I had the loan with 4.25%, contacted a specialized company to see if the property tax can be decreased, working with insurance company to provide 5% discount and tried the RUBS option but it's not common in STL but would to get anyone input/ advise on this situation.
Thanks in advance.
Omar