New Orleans Money Loser.

[Melissa Hayes]

Before my husband and I got married, he bought a 2 bedroom condo in the Irish Channel right off of Magazine in NOLA. When we moved away, rather than selling it, he has been renting it for $1600/month.  We don't have a property manager and basically tenants are lining up to rent the property by word of mouth because the rent is so affordable.  The trouble is we are losing upwards of $200 each month, and this doesn't even include periodic repairs, etc.  Also, we haven't laid eyes on the property in years (we live in Seattle and have very young kids).  I don't think it's in the best condition but everything works.  Also, the fixtures and appliances are dated.  I believe a facelift/touch-up may help us command more rental income but we don't even know where to start.  How do I fix this situation?  Would finding a property manager be helpful or would that make our losses worse?  Is there anybody else I should be contacting?  Thanks so much for any input!

[Blake Jarrett]

The fact that you say tenants are lining up because it is so affordable makes me think it could be under priced. I have no idea of your market so have no idea what the average rent is though.