Losing Money In Cleveland

[Eva Chora]

Hello everyone,

I am a fairly new investor and recently I bought a duplex in Cleveland (44111) and Brooklyn (44144). I have been under since the day I bought (going on two years now.) I am struggling with keeping them to see if things turn around or selling them and taking the losses. I keep reading on how Cleveland is the place to invest in, but I'm just not seeing it.

Any advise would be greatly appreciated.

[Chris Seveney]

Quote from @Eva Chora:

From the start I had to make some repairs which I totally get. But it seems like every month something is going wrong with these properties and I'm having to shovel out more money. That, along with paying the property manager, property taxes, home insurance, lawn care, utilities and a mortgage is keeping me under. Now, two of my tenants are moving out and just to get one of the units rent ready is going to cost me over 2K. I am trying to figure out if I should wait to see if these cash flow at some point and how long do I wait or if I should take my losses and sell. How do you know when its time to call it quits?

 Have you ever gone and visited the properties? 

Are you getting good reports from your property manager?

What class neighborhood is this in.

If this is in a C/D area, cash flow on paper vs. reality comes into play. 

I recommend going to visit and walk the property. Put together a list of everything needs to be done and then make a plan from there. It may be you need a new property manager.