How to assess my options when 20K+ in the hole

[Lewis Kerwin]

Hi all,

I bought a 3b1ba home in south Chicago about 2 years ago on a turnkey website. The numbers made sense at the time from what I could tell.

Fast-forward 2 years and I've paid about 18K in repairs, which seems at least largely related to tenants trashing the place. I have not been paid rent in about a year and just had to give the tenant 1.5K in cash to get them out. Now being asked to pony up another 4-8K to repair and get this back on the market. 

I'm so tired of pouring money into this house and wondering if there is a likely end in sight. If you were in my shoes what options would you consider? Change property manager? Sell it and cut losses? 

Thanks much

[John Clark]

Looks like you were sold a turn key house, but you had bad tenants. Fire the property manager, set STRICT AND HIGH tenant screening criteria, and find a property manager who obeys orders and follows directions.

Also, long term, get out of Chicago. Illinois an Chicago aren't worth it in general, and are pure hell for out-of-state investors.