Multifamily investment not working out, advice please!!

[Ainsley Logan]

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?