Solution for not being able to pay mortgage and very low selling price.

Fort Worth, Texas
General Landlording & Rental Properties
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Solution for not being able to pay mortgage and very low selling price.

Mahmudul Shoikot
Member since 2023 · 7 posts · 2 votes

I have house thats on rent in Fortworth and living in other state. I could never get good tenant or sometimes no tenant for months even after having the property management company.   Most of the times, I am having to pay my own rent where I am leaving and even cover the mortgage of the house. My job and situation is changed now and can no longer pay the mortgage. The price of my house has significatnly reduced also.I bought house in 320k and Redfin/Zillow shows 250-270k whereas I still owe 285k. So, I cannot even get good price while selling. I am not even looking for profit anymore just that I wont owe any money and wont affect my credit.  Please give me the solution in for my situation or place where I could contact.

Thank you in advance and really appreciate your help.

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
1y

@Mahmudul Shoikot recommend sharing the address here, so we can all comment on the ad and rental comparables...

[email protected]248-209-6824
Logical Property Management4.9459 Reviews
WebsiteView Page
2Reply
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  • Randall AlanPro Member
    Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
    1y

    @Mahmudul Shoikot

    Couple of thoughts… first, Redfin and Zillow don’t really know the TRUE value of your house.  They don’t account condition, or extra features, etc.  

    Next, are you pricing your property right, and are you marketing your property right?  Or put another way, what is the reason it isn’t renting?  is it over-priced?  Is it well maintained inside and out where someone e would want to rent it?  When we put a property onto Zillow, we get inquiries almost immediately.   Usually within 2 to 3 days we have enough interest to find a qualified renter.  So I would look at those things to work on getting it filled.  You probably wouldn’t be wanting to sell it if it was rented, so getting it rented is probably the best solution.  Otherwise it’s maybe selling it for a loss… but keep in mind the values will probably return over time, so really this is a short term cash flow issue you need to solve by getting it rented.


    I would look at what your property manager is doing and whether it is sufficient or not?  The caliber of property manager can very great greatly!   It might take a little refreshing or something like that, but you just need to get it rented and that will solve most of your issues.

    All the best

    Randy



    1Reply
  • Mahmudul Shoikot
    OP
    Member since 2023 · 7 posts · 2 votes
    1y

    Thank you so much for your response. The area is in 76123 zip code and the rent is for 2200 for 3 bed, 2bath whereas the average rent I see in that area is 1900-2300 for 3-4 bedroom.(again as shown in Zillow). I had 3 tenant so far and nobody had stayed for full term so far. I had to evict them or ask them to leave before eviction. And once its back in the market, it takes 1-2 month atleast to get new tenant. I think its the area. I hear that people can hear gun shooting and all in that area.  I dont know if thats the reason or if there is other reason as well.Its my first time buying house and renting out as I had to move to different state. I didnt know even to evict I have to pay money out of my pocket just to make the house empty and not even a chance of getting my owed rent back.

    Even if I lower the rent which I am willing to, problem is not getting good tenant.  Yes, like you said its short term cash issue but Its getting really frustrating that I cannot get any good tenant who pays on time.

    0Reply
    • Kristin Flores-Brockman
      Real Estate Agent · Fort Worth, TX · Member since 2021 · 142 posts · 59 votes
      1y
      Quote from @Mahmudul Shoikot:

      Thank you so much for your response. The area is in 76123 zip code and the rent is for 2200 for 3 bed, 2bath whereas the average rent I see in that area is 1900-2300 for 3-4 bedroom.(again as shown in Zillow). I had 3 tenant so far and nobody had stayed for full term so far. I had to evict them or ask them to leave before eviction. And once its back in the market, it takes 1-2 month atleast to get new tenant. I think its the area. I hear that people can hear gun shooting and all in that area.  I dont know if thats the reason or if there is other reason as well.Its my first time buying house and renting out as I had to move to different state. I didnt know even to evict I have to pay money out of my pocket just to make the house empty and not even a chance of getting my owed rent back.

      Even if I lower the rent which I am willing to, problem is not getting good tenant.  Yes, like you said its short term cash issue but Its getting really frustrating that I cannot get any good tenant who pays on time.

       You will not get accurate numbers from Zillow and Refin.

      Especially important, since you're out of state, you need a Realtor and/or Property Manager to handle this property for you. I live near 76123 and $2200 seems a little high, but I'd have to see the house to make a better assessment.

      How are you selecting your tenants? What platform are you using for application, background and credit check? 

      1Reply
  • Travis Mize
    Member since 2025 · 3 posts · 3 votes
    1y

    Is it in a good location? Im familiar with 76123, and it's a mixed bag. If you're not having success with long term tenants, maybe short term would work better?

    0Reply
  • Michael Murphy
    Investor · Buffalo · Member since 2025 · 45 posts · 27 votes
    1y

    What is the rate on the mortgage?  You might be able to find someone willing to take over the property and assume the mortgage payments.  If it is below market rates there is an inherent value to keeping it in place.

    Hearing gunshots in Texas isn't exactly a rare occurrence.  Did the property management company have an explanation for why they keep fumbling on their tenant selection?  Did they give feedback on pricing or the condition of the property?

    0Reply
  • John Clark
    Member since 2018 · 1k+ posts · 1k+ votes
    1y

    This needs to be made a sticky as to WHY YOU DO NOT INVEST OUT OF STATE!!!!!!!!!!!!!!!!!!!

    HYPER local. Got that folks?!?!?

    H-Y-P-E-R---L-O-C-A-L

    2Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1y

    @Mahmudul Shoikot recommend sharing the address here, so we can all comment on the ad and rental comparables...

    [email protected]248-209-6824
    Logical Property Management4.9459 Reviews
    WebsiteView Page
    2Reply
  • Mahmudul Shoikot
    OP
    Member since 2023 · 7 posts · 2 votes
    1y

    I have a property manager and he takes care of background and credit check and select tenants as well. Address is 8120 Sycamore Brook Dr. 76123. Not a singld tenant has paid in full. This is my 3rd tenant and last two tenants were from propery manager and I had to evict all three tenants in last three years. 

    0Reply
    • Michael SmytheBusiness Member
      Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
      1y
      Quote from @Mahmudul Shoikot:

      I have a property manager and he takes care of background and credit check and select tenants as well. Address is 8120 Sycamore Brook Dr. 76123. Not a singld tenant has paid in full. This is my 3rd tenant and last two tenants were from propery manager and I had to evict all three tenants in last three years. 


       Not much of an ad here on zillow:
      https://www.zillow.com/homedetails/8120-Sycamore-Brook-Dr-Fo...


      NEWLY BUILT 2022. Beautiful 3 Bed, 2 Bath Home with 2-Car Garage, Luxurious Vinyl Plank Flooring, Plush Carpet, Elegant Granite Countertops, Energy-Efficient Stainless Steel Appliances. Ready for move in!! Refrigerator, Washer and Dryer are not provided. Enjoy the Open Floor Plan, Perfect for Hosting Guests. Spacious Backyard! Conveniently Located Near Shopping, Major Highways, and Downtown. This is a MUST SEE!. Tenant and tenant Agents to verify all specifications, Schools and Measurements.

      Tenant pays all utilities. Tenant and tenant Agents to verify all specifications, Schools and Measurements

      Ad states stainless steel appliances, and you can see a fridge, stove & microwave in the pics, but the ad states, "Refrigerator, Washer and Dryer are not provided"

      Pretty confusing!

      Also, PMC must be relying on the pics, because there's no mention of:

      Walk-in closet
      Garden tub

      There is a TON of competition, check out this link:
      https://www.zillow.com/fort-worth-tx/rentals/?searchQuerySta...

      So, you'll have to drop your price to attract tenants.

      What is the screening process for your PMC?

      Logical Property Management4.9454 Reviews
      WebsiteView Page
      1Reply
  • Henry T.
    Member since 2022 · 1k+ posts · 1k+ votes
    1y

    The house looks very nice and it looks like a good area. You have a lot of competition. I think your rent is too high. $1800 is more like it. AND you may need better screening.

    1Reply
  • Jennie Ballard
    Member since 2025 · 40 posts · 13 votes
    1y

    I'm about 20min south of there. That area north side of Crowley is revitalizing. It was pretty bad before. One issue with getting tenants might be that a 3b/ 2b 1600sqft is a family sized home but several of the Crowlwey ISD schools are pretty bad.

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y
    Quote from @Mahmudul Shoikot:

    I have house thats on rent in Fortworth and living in other state. I could never get good tenant or sometimes no tenant for months even after having the property management company.   Most of the times, I am having to pay my own rent where I am leaving and even cover the mortgage of the house. My job and situation is changed now and can no longer pay the mortgage. The price of my house has significatnly reduced also.I bought house in 320k and Redfin/Zillow shows 250-270k whereas I still owe 285k. So, I cannot even get good price while selling. I am not even looking for profit anymore just that I wont owe any money and wont affect my credit.  Please give me the solution in for my situation or place where I could contact.

    Thank you in advance and really appreciate your help.


     see if you can hand the keys back to the bank

    7e investments53 Reviews
    WebsiteView Page
    0Reply
  • Diego AlvaradoBusiness Member
    Real Estate Agent · Flower Mound, TX · Member since 2016 · 298 posts · 140 votes
    1y

    Hi @Mahmudul Shoikot

    Fort Worth is having issues with rentals overall. I have listed multiple properties in the area and to get good tenants take time. In some cases it could take 4 to 6 months. You will have a lot of interest and applications but they won't easily qualify.

    If you want to exist, the best solution is to find an investor that will accept seller financing. The prices that you gives you a good idea of the current price. Fort Worth was one of the areas impacted for the downturn this year.

    [email protected]214-833-8911
    Alvarado Realty Group522 Reviews
    WebsiteView Page
    1Reply
  • Jalen Greenlee
    Rental Property Investor · Milwaukee/Madison, WI · Member since 2023 · 29 posts · 8 votes
    1y

    You could always explore creative financing options like subject to or a wrap. I included some basic info on those strategies below.

    https://www.fortunebuilders.com/p/subject-to-real-estate/

    https://www.rocketmortgage.com/learn/wrap-around-mortgage

    1Reply
  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    1y

    @Mahmudul Shoikot 

    That’s a tough spot, but you still have a few options. If traditional renting isn’t working, you might look into a rent-by-the-room model — it can sometimes double your income compared to renting to one household, especially near employment hubs in Fort Worth. Another option is to find an investor willing to take it subject-to (they take over payments on your existing loan). You won’t make money on the sale, but it can help protect your credit and stop the bleeding.

    If you’d rather not manage any of that, talk with a few local investors or property managers who specialize in creative strategies. The key is to act quickly before you fall too far behind — that keeps more options on the table.

    McCaw Property Management4.4907 Reviews
    WebsiteView Page
    1Reply
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