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Updated almost 2 years ago on . Most recent reply
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Multifamily investment not working out, advice please!!
We are new to property investing and naively jumped right in with three multifamily properties. We’ve had them since April ‘21 & we are carrying the mortgage on all three as they do not pay for themselves. We’ve had everything from tenant evictions, plumbing repairs, lots of interior work to get them rentable and now higher vacancies than expected.
The properties were not expensive so we did anticipate some start up costs. But we are going on... and on... still having to fork out mortgage. What do we do? Do we hang on and hope that one day they can break even/profit? Do we try to sell for a loss? Do we buy them outright to alleviate the mortgages?
How optimistic should we be that these places will ever turn around? If not – then what’s the best way to exit this mess?
Most Popular Reply
Might be easier to give specific and actionable advice if you share more details. What areas, the numbers, what the problems are/were, what is stopping you from filling leases, etc.
How do you screen, what were the property inspection reports like... the list goes on and on.
At a high level - if there is a mid-term expectation of stabilizing and getting to break even or positive, then its probably worth it to keep. Cutting losses may be an option, but again, hard to give useful information. Another option is to bring on a partner/experienced investor to see if its salvageable.
Might also be worth it to contact a GOOD property manager ask ask how they would help you/what their action plan would be. Might be time to hand it off to professionals.
Post details, you'll likely get a lot of good commentary