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Got off the fence & bought 3! Now trouble looms.

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Posted Aug 3 2008, 10:56

Now its a year later & I have DEppreciation on 2 of them & negative cash flow on ALL of them although all 3 are rented!

I made the typical newbie mistakes of thinking prices would continue to rise & not checking what rents were 4 the area :crying: .
I bought what appeared 2 B distressed situations (a divorce, an illness & a job loss) so they all were under the market @ the time.
Put no money down but now am out of money for supplementation (about 54k).

All are newer properties (2001+) in a great neighborhood & not fixers. Monthly runs 3K each. Rents are $1,500, $1550 & $1,600.

Any solutions? Should I bail, ruin my credit etc. Should I get a job to continue to finance these monsters?

All help would be appreciated. Please let me know there is a way out. As a newbie of course, there was no exit strategy.

Please excuse the whining:violin:

Thank you

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