New Orleans Money Loser.
Before my husband and I got married, he bought a 2 bedroom condo in the Irish Channel right off of Magazine in NOLA. When we moved away, rather than selling it, he has been renting it for $1600/month. We don't have a property manager and basically tenants are lining up to rent the property by word of mouth because the rent is so affordable. The trouble is we are losing upwards of $200 each month, and this doesn't even include periodic repairs, etc. Also, we haven't laid eyes on the property in years (we live in Seattle and have very young kids). I don't think it's in the best condition but everything works. Also, the fixtures and appliances are dated. I believe a facelift/touch-up may help us command more rental income but we don't even know where to start. How do I fix this situation? Would finding a property manager be helpful or would that make our losses worse? Is there anybody else I should be contacting? Thanks so much for any input!