All Forum Posts by: Jerry Robins

I was already impressed with this community before, but you all just took I up a notch. I greatly appreciate the advice and doses of reality!

Thanks very much for sharing your thoughts, Veronica, Dawn and Michael. I really appreciate the help!

The house is in Monmouth, IL.

I'm going to follow up on the rent to own option and will check again on expected value. The last estimate I had was several thousand less than I owe, but $500 or so a month adds up very quickly!

Thanks very much, Darren, I appreciate you sharing your ideas!
I did forget one relevant fact: I am in the process of refinancing which will improve the situation by about $50/mon. Still not enough to cover maintenance and management, but a renter could greatly slow the bleeding.
Yes, I'm working with a realtor though in IL I'll have to pay her if/when she finds a renter.
I agree, 175 miles is too far.

Thanks again!

My name is Jerry and this is my first post.

Near the height of the RE boom in 2007, I bought my mother-in-law a house (so she wouldn't have to live with me) where she lived until Nov last year when she passed. From then through June, we tried to sell, but our mortgage is under water and we received no offers. Since then, we've not had any luck finding a decent renter, either. Here are some other relevant facts:

1) The house is cheap, but we're losing about $500 month (just PITI & utilities).
2) It's located 175 miles from my home, so isn't readily accessible.
3) I do not have any reliable contacts in the area.
4) Rent MAY be able to cover the PITI, but no maintenance or management.
5) I'm a new REI with a new LLC and am working on my first real purchase deal for renting (much closer to home).

Any suggestions for how to turn this around to be profitable or stop the bleeding?

Thanks!