Need advice on 2 negative cash flowing properties

[Raghavendra Kulkarni]

Hi All,

My first post here. I started investing in real estate in July of last year and now have 3 rental properties. 1 in Alabama purchased through REI Nation and 2 in Port Charlotte Florida purchased through Rent to Retirement.

Unfortunately, the Florida properties turned out to be bad investments. When I bought those the projected rent for both the properties was $2650 each. But we were able to rent it to only for $2150 and after all the deductions, these are negative cash flowing by about $450 each. 

I am wondering what my options are to turn these properties around. When the interest rates do go down, I should be able to reduce the deficit or may be even break even. The mortgages on  these are at 8% with 25% down.

[Raghavendra Kulkarni]

After I posted here, folks at Rent to Retirement reached out to me and set up a meeting with Zach Lemaster. He walked me through the options I had and how he could help in that process. Based on the discussions, I am going to keep these properties for some more time and RTR are providing me with some financial assistance that will help alleviate some of the losses. They have also offered some credits for a future purchase and I am also discussing if a STR makes from a tax perspective.

I do appreciate them reaching out to me and helping me with this tricky situation