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Updated almost 9 years ago on . Most recent reply
AZ Property Not Producing (ADVICE PLEASE)
I have done 5 deals in the last 5 years and it has been a home run every time except for my first out of state property.
I purchased a property through a "wholesaler" in AZ. The property looked great but I clearly did not do enough due diligence on the project. I have had the property for 2.5 years and the value has not gone up.
Here are the details of the property:
Purchase Price in Nov 2013: $131k
Current Rent: $845/mo
I pay 8% for property management
Zillow zestament: $131k
Trulia estimate: $139k
I make a little money every month (pretty much a wash) but I am mostly looking on advice if I should just try to cash out (hopefully 20k after realtor fees) and roll that into a better producing property.
If this was your property, what would you do?
NOTE: I just signed a 1 year lease in Feb with a tenant
Most Popular Reply
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@Nik Krohn, unless there's good chance of strong appreciation, what are you waiting for? Sell! You're not "breaking even," you're losing money. You could be putting that $20k towards another investment. An index fund would be yielding $1400/year (~7%) a good REI maybe $3-4k.
Maybe your new tenant is interested in buying...