Trying to get rid of my cash cow property

[Vivan Bhalla]

Hello all,

I have been facing a lot of issues with a turnkey property that I bought from a turnkey provider and it has just been a mess. I have been trying to get rid of it for a while now, the place has been sitting vacant for almost 6 months now and I have spent a bit of money on it to get it fixed and there is still a lot of stuff that I feel needs to be done.

The house is big but the outside is a bit run down and needs cleaning, I live in NYC and wondering what will be the best thing to do for this.

I would love to understand from a seasoned investor on how I should address the issue of this house to get it sold.

1. What is the mininum work that I should get it done to get it fixed? ( Can send a zillow link so people can see)

2. How much price should I cut down?Currently it is put at 135k ( price cut from 140k). I bought it for 135k only.

Please lmk if anyone needs more info to help me, thanks

[Ned Carey]

@Vivan Bhalla Situations like this tend to only get worse. When we sell properties we set a price and lower it on a regular schedule typically every two weeks until it get s to a level where there is interest.  Sometimes once you get to the right level and get interest the price starts to get bid back up. 

In that price range I would be cutting by $10k or 15k at a time. $5k is pretty insignificant. 

The market will tell you what it is worth. Tryin to hang on for a better deal won't work, take your loss, move on, and don't look back.