Not sure if this is the right spot for this. Here is my question, I have 3 rentals one is running in the red consistently. You guessed it, its in Arizona! I want to sell it but think I should wait till spring.
However, I really think now is a good time to p/u good deals in California were I live. But could be risky with my "red" rental. :violin:
I should wait right?
You may want to talk with a tax specialist and/or your CPA to see what the house will cost/gain you when you try to sell. A real estate agent or appraiser can also give you an idea of the value of the home so you can calculate sales costs.
Depending on the capital gain, it may be worth it to wait.
Dee thanks for the advice!
Unless you bought for appreciation, I would sell it immediately. Your first loss is your best loss. I don't mean to stick my nose in here, but you are the one losing money every month. That's not going to change.
Cut your losses. Start advertising your property NOW! Remember it will take several months to put a deal together anyway.
If the rental is in the red and has no hope of making money then find a nice retail home buyer and sell the house off to them.
Is it in the red because it is out of your state, and the tenants feel they can play you for a sucker?
I agree with the "cut your losses" idea. I made the mistake of not doing so with one property and it cost me lots.