All Forum Posts by: Bryce Redd

Thanks everyone for the replies!  The advice here is on point.  

This is the property in question: https://goo.gl/qjnBJK 

The top maintenance items are: cleaning up after tenants move out (paint, carpet cleaning), monthly landscaping ($90), and a smattering of appliance repairs.  No single huge items, but some in each category.

Takeaway lessons: 

* Property management isn't effective at placing new tenants, and isn't thrifty with maintenance

* Market is hot right now, selling is a good option.

* Raise rents to $800

Side note, and slightly embarrassing, I have two other properties in very similar situations.

Hi there, first time poster, long time listener of the podcasts.  I'll get straight to the heart of my question:  I'm losing money on an investment property which, according to market prices, *should* be very profitable, but why?  Details:

• 4 plex, each unit rented at $700 and has 2 bedrooms 1 bath.  Gross for 2016 was $30,163 (implies vacancy loses $283 per month)
• Bought in 2012 for $300k, monthly payment: $1499 -- $853 interest, $354 principle, $184 taxes, $108 insurance
• $482 average maintenance bill
• $196 in management fees
• $121 monthly water bill
• $120 monthly garbage bill

Which brings a positive net of $99 per month in 2016.  I have a few direct questions, but any feedback is appreciated.

• Is 10% vacancy typical?  The property is in Utah County which supposedly has a super hot market: https://goo.gl/moGPG6
• Do the insurance, maintenance, and utility fees look normal?

I've received offers for over $400k on the property, but I can barely make things work as is.  Any advice?  Where have I messed up?