Baltimore City - Rental Property

[Chareese Varner]

I own a property in Baltimore that I purchased when the real estate market was up.  After the market fell, investors who owned properties in that area allowed their properties to go into foreclosure (dropping the price of the homes way below the price I paid).  I wanted to do a short sell on my property but the bank wouldn't approve it. I've rented the property but it cost me more when it's rented (because I can't find a good tenants and I haven't been successful with getting a section 8 tenant) than vacant.  I think the key to turning this investment around is (1) finding a REALLY GOOD property manager (if any are reading this, please reach out to me) and getting a section 8 or some kind of subsidize person in the house.  Can anyone give me some leads on what I should do next.

Thanks

[Ned Carey]

I wrote a blog post about Baltimore property managers.  

What you do would depend on the property location and condition. If it is a  viable property then do what it takes to get it performing.  That may be learning better how to manage yourself than finding a good property manager.  Rule of thumb "No one will watch over your property as well as you will"

If the problem is the bank is just not being realistic then re-approach them with better evidence that they are upside down.  If they don't bite, hand them the keys and say "It's your problem now"