New Investor in a Sticky Situation

[Account Closed]

Hi, all! I’m a relatively new investor and just bought a property near Savannah, GA a few months ago. Due to some life changes, I ended up moving out of the home a lot sooner than anticipated. Now that I’m no longer in the property, I’m facing some issues trying to get it rented due to it now being the slow rental season.

Seeing as how I just bought the property, I can’t sell it without taking a huge loss. I also can’t refinance now without taking a loss. However, the property has been vacant for a little over two months now with no sign of when the rental market will pick back up.

II’m not really sure what my best option is (besides just moving everything back into the property and staying for the next few months/year).

If anyone has any general ideas or suggestions or any specific advice for anyone who knows the area, please feel free to chime in. Thanks!

[Bill Crow]

@D. Andrews

Before blaming the delay on “slow rental season”, take a good look at the property and competing rentals. Is your price right? Favorable location? Right amenities and upgrades in your property? Are you marketing it to the right audience?

If it’s a marketable rental, a small discount or move-in incentive would be less of a loss than letting it sit or dumping it.