How to get out a bad property?

[Maceo Lewis]

I have a triplex that is not making money for me, need a way out. It out of my state, low rents, and high maintenance, and high management fees! Need help!

[Aaron Wyssmann]

@Maceo Lewis  The first thing I would do is see if their are other investors from that area on BP. They may be able to give you some insight tongue issues with the building. Second I would list it with a Realtor and just get rid of it.  The longer you hold it the worse it typically becomes unless you are missing something with the building. 

[Maceo Lewis]

thanks,, I will work on that today and the whole weekend, I really appreciate your time and advice.

[Mark Brogan]

sorry bout your situation ?@Maceo Lewis

Post the numbers on here you see every month from the property

I'm sure someone could point you in the right direction

Remember you don't fail unless you quit 

Good luck

[Maceo Lewis]

I get yearly numbers. This property was my second, while doing two deals at once, I think I was so excited to do deals I didn't ask enough questions and realy didn't look hard at all the numbers. My first property is paying off. Both properties are owner contracts, with property management in place.

[Aaron Wyssmann]

@Maceo Lewis You must make a change today or get a new property manager. If all you are getting is yearly numbers there is no accountability for them. You should be getting reports on a monthly basis. 

[Maceo Lewis]

thanks, not sure what options I have currently, I would love to sell it!

[Jon Holdman]

You can always sell it.  Price it right and it will sell.  You may have to take a loss, so you have to consider hanging on with small losses each month vs. one big loss.

I think you should fire your PM and find another.

[Aaron Wyssmann]

@Jon Holdman I completely agree with John. Start with a new manager that you vet very well then use the numbers to make your decision. 

[Chris Field]

Sell it and move on, consider the loss part of your education in RE like paying for a college class. 

Every investor will buy duds once in awhile, just move on.

[Account Closed]

Originally posted by @Maceo Lewis:

I have a triplex that is not making money for me, need a way out. It out of my state, low rents, and high maintenance, and high management fees! Need help!

 Any specifics regarding the numbers and area?

[David Dey]

Originally posted by @Maceo Lewis:

I have a triplex that is not making money for me, need a way out. It out of my state, low rents, and high maintenance, and high management fees! Need help!

 One man's trash is another man's treasure.  There is most definitely a buyer for your property in the area.  Actually, as my mentor taught me years ago, your actual buyer is just a stones throw away.  

If your property is anywhere in Florida, TX, or New Orleans area, I would be happy to make you an offer.

If not, may I make a suggestion for you? Go on the MLS, or Call the property appraisers office, find a list of all the 2-4 family properties within a 3-5mile radius of your property that sold in the last year.

This is your target market.  Every one of those buyers is an investor (if you are buying a duplex up, guaranteed your an investor) and every single one of them will be interested in your property.  (It will then be up to you to make a deal)

You can find most of these investors numbers very easily (and if you need some tips on how to do that, let me know) and call them.  I promise you, everyone will welcome your call.

Btw, everyone else.  This is an awesome way to build a buyers list tailored to your wholesale property.

Hope this helps!!

[Kimberly Jones]

I call dibs if it's in New Orleans, behind @David Dey of course, since he asked first. :)

[Karen Sanders]

If it is on the Oregon coast I am interested as I am currently looking for a tri on the central Oregon coast.

[Dylan Wells]

I too would be interested in the specifics in the Tri. I am located just an hour away. Would love to go take a look at it.  If you would wish to send me an email go ahead and do that. 

[Maceo Lewis]

It's in Jamestown, NY....

[Chris Seveney]

Maceo Lewis I would be interested in finding out more for mission on the property.