How to get out a bad property?

Question

I have a triplex that is not making money for me, need a way out. It out of my state, low rents, and high maintenance, and high management fees! Need help!

Aaron Wyssmann · Answer

@Maceo Lewis You must make a change today or get a new property manager. If all you are getting is yearly numbers there is no accountability for them. You should be getting reports on a monthly basis.

Jon Holdman · Answer

You can always sell it.  Price it right and it will sell.  You may have to take a loss, so you have to consider hanging on with small losses each month vs. one big loss.

I think you should fire your PM and find another.

Mark Brogan · Answer

sorry bout your situation ?@Maceo Lewis

Post the numbers on here you see every month from the property

I'm sure someone could point you in the right direction

Remember you don't fail unless you quit

Good luck

Aaron Wyssmann · Answer

@Maceo Lewis  The first thing I would do is see if their are other investors from that area on BP. They may be able to give you some insight tongue issues with the building. Second I would list it with a Realtor and just get rid of it.  The longer you hold it the worse it typically becomes unless you are missing something with the building.

Account Closed · Answer

Any specifics regarding the numbers and area?

Maceo Lewis · Answer

It's in Jamestown, NY....

Dylan Wells · Answer

I too would be interested in the specifics in the Tri. I am located just an hour away. Would love to go take a look at it.  If you would wish to send me an email go ahead and do that.

Karen Sanders · Answer

If it is on the Oregon coast I am interested as I am currently looking for a tri on the central Oregon coast.

Kimberly Jones · Answer

I call dibs if it's in New Orleans, behind @David Dey of course, since he asked first. :)

How to get out a bad property?

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