Lots of great information from everyone. I may repeat in my reply.
First of all, let me congratulate you that you have not lost anything on this property. If you would sell it now, do you think you could sell it for the same price as you bought it today? I'm assuming now you have 5 years equity to either attract buyers, as you can dictate the sell price. Or, utilize that equity for other investments. Make something work for you any chance you get.
You need to build a professional relationship with your PM to let her know you care for your investments. Take a pulse of it's condition. Discuss any of your tenants repairs and require to keep track of those repairs (materials, receipts, hours, outsourced, etc). You can require anything over a certain price based on how much your repair budget is. You have 5 year's worth of records, or should. Also, ask her if she has any concerns with the needed repairs and things to get your asset running full or if she needs help or anything. Maybe she needs to go if she is being evasive or may not have or want to give you the answers you need. It may be too much for her to handle that sized place. Customer service is important, too. Know how your investment is operating and who is representing you.
Some people use professionals to handle certain tasks for their investment. However, don't just take their word without having any documentation or reports on your investment. You need to spend the time to understand to answer anything regarding your asset, tenants and staff. The last thing to be is surprised in this type and breadth of this particular investment. You need to be on top of it.
The next thing that should help; you need to find out why it's not making money. Write down your costs (mortgage, insurance, etc). If you say your at full capacity, that should give you maximum return on your money, in a way. What are your repairs costs per year? Are there particular units/buildings that continually have damage? Or same type of repairs. If your complexes are a certain age, these repairs may be valid. She is just not providing you information on how things are going there, perhaps? Or does she?
Bottom line: Know your investment. It's a business and nothing personal. A good business owner knows how their business is operating. You could be making a ton more money this year. That depends on what your plan is for the next year's time? Once you know the numbers now, you can calculate how your 1-year, 5-year, 10 year income and profit should look like.
If you need to, up the rent to match other similar apt rentals in your area. Any realtor should be able to provide you with this information. Your financial planner should be able to help you on how to workout your investment's return plan. CPA should give you numbers. You have to provide them information. Know who all of your representatives. Build personal relationships, as a business owner, so you can see issues and problems with your investment/business. If it's their performance, maybe a change is needed. Be strong.
Use your asset's equity to buy your next investment. Don't stay stagnate in your business. The time is now to know how to maximize your returns on every asset or investment. Read up or use this site, and others like it, to know how to do this. You don't need to do all the dirty work or work out every detail, but you need to trust your people, and they need to trust you, too.
I think in your heart you know the right way to handle business, you just don't have the understanding of your approach with people you hire to handle your business. You're making it personal.
Maybe you have the time or inclination to work on one needed task with this asset. That may give you peace of mind personally doing something about your business, unless you are the silent owner. That means you are hands-off, and have professionals report to you. You hired and pay them for their services. Nothing personal. Silent doesn't means silent.
I hope this small book helped you in the littlest bit.
John
