Need advice what should I do?
I have a rental property in Victorville Ca
Currently worth $250k
I owe $218k
PITI = $1446
Rent=$1275 after P.M.
Has had 15k in repairs,maintenance or Lost rent in the past 10 years in 10 years it has made $563 in profit or about $4.69 a month in profit meanwhile somebody else is paying off a home for me and after tax write off’s I think I’m making more a month than that but I need somebody to help me analyze what I should do thanks for your guys help
Your income is $1275, and just your outgoing PITI is $1446? How is this making any money for you?
What about landscaping? Utilities? Maintenance? CapEx? Vacancy? Turnover expenses? Its not clear to me how this property could be doing anything but costing you cash out of pocket each month.
it is making money because for 10 years it was at an interest only so it maid 600 a month but now i refinanced it and it is losing monthly the renters take care of all the expenses water trash gardener etc what i am wondering is should i keep it because it is costing me yes but it is also getting paid off by someone else and in a few years the rents will be up another 2 or $300 and it will be positive then mean while the write offs at the end of the year are helping me i am not sure what do you think
I would sell it.
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