All Forum Posts by: Hope Louisse Montenegro

Hi Everyone, thank you so much for the feed back. Yes I have changed to new property management and they have turned over the home/fixed everything and found new tenants; however, I'm still having repair issues. Most recently, pipes have been leaking and flooding into the basement. I'm anxious to know how much this will cost me. I seem to just be putting money into this home and won't be making any money from it for a long while. I am still leaning towards selling. Here is the listing on zillow- https://www.zillow.com/homedetails/7139-E-11th-St-Indianapolis-IN-46219/1220634_zpid/. I would appreciate if anyone could help me further with this decision, please message me with any further details you may need. Thank you 

I bought this single family home in Indianapolis for $130k intending to hold forever as passive income investment. Since then however, I've had to evict a tenant and hire a new property manager which has cost me in repairs and loss of rent from Oct 2019- Mar 2020 of about $23k. I'm still having to do repairs ranging from $200-$1000k per incident since my new tenants have moved in in April of this year. Rent income is $1200 and mortgage is $835/month. I'm very disheartened and don't know if I should just sell this home or wait it out to get my money back at the very least. 

Thank you

Hi everyone,

Just wanted to thank you all for your advice and let you know that I'm scheduled to close on the property this 10/6/2017. I am relieved and excited to move on and be able to purchase smarter cash-flowing properties ! 

Thank you again for helping me make the decision! 

@Clayton Mobley Thank you so much! I am honestly so grateful there are people out there who are willing to take the time and help out a stranger. I am definitely going to proceed with a sale but since the markets are cooling off and I have been listed longest in the building, do you think I should take myself off and list again in the Spring? My agent contract ends mid October. 

Thank you for the response! Indiana is definitely where I want to go for my investment purchases and already have some Turnkey Companies in mind. 

Thank you so much for the response and suggestion Dave! That makes a lot of sense.

I currently have it listed for 325k + parking 35k. My loan is currently 275k.  I bought the place for 357k in 2013. I am thinking of re-listing more aggressively next Spring if I do end up selling, just don't know how much lower. 

Hi everyone, 

I currently own a Condo in downtown Chicago and have been trying to sell it with no success. I listed at 370k without parking (35k) in February as suggested by my realtor and have since lowered it to 325k without parking with a new realtor. I have learned since my purchase of the condo that it is not a great building to be in with the small space, association rules and regulations, no amenities although it is a great location in the financial district with easy access to all transportation. Work has been unstable for me and I want to take the equity and buy a better cash flowing Turnkey property in Indiana. 

I am trying to figure out an alternate plan if I am unable to sell. I had refinanced last year to a 15year 2.75% which makes my monthly including HOA of 475 at about 3k. Since work is unstable I am uncomfortable with the negative cash flow I would be acquiring if I decide to rent it out for market value of 2300-2400k. If I refinance back to a 30 year 3.8% which I was quoted, my payments would lower to just under 2500. I will lessen how much I could be under and cash out 21k I can use for another property.

Or should I just lower my price for sale even more and just cut my losses? 

This is my first post and would love any/all suggestions I could get! 

Thanks so much,

Hope