Hi Randall-Congratulations on buying a rental property well back in 2020.I am sorry to hear the property is now cashflow negative $200 a month.Your question is should you sell or continue to keep it with the negative cashflow.Depends on your personal goals and if being negative $200 a month plus any unexpected repairs or vacancies is affordable to you, but if you can solve the negative cashflow by turning the property into a furnished mid-term rental, for example, your future self may thank you.To Your Success!

I would be delighted to connect with you if you ever think about out-of-state investing and want to learn more about the Kansas City market.

@Jacques CaspiTo succeed in real estate investing, I’ve found it’s crucial to budget for unexpected expenses, focus on thorough tenant screening, and build strong relationships with contractors.

Lastly, having a reserve fund is key to offsetting unexpected costs, especially with reduced cash flow from the loan repayments.Hope this helps, and congrats on tackling creative financing!

It was a win-win, and it all stemmed from a relationship built on trust rather than mere profit.The Benefits of a Strong Network: Off-Market Opportunities and Creative FinancingAs I grew in the industry, the relationships I built began to pay off in unexpected ways.

For example, properties became available at the onset of COVID, during a snowstorm, a hurricane, a major holiday, or after some other unexpected event.

Before taking out profits, make sure you have enough set aside for unexpected expenses like repairs, vacancies, or larger maintenance issues.

My bookkeeping firm provides me with a steady active income, which allows me to keep doing deals, cover unexpected expenses, and navigate the occasional black swan event.

That being said, life happens, and the mortgage police are not going to come looking for you if something unexpected happens and you have to move out of the house before one year.

That Victorian flip sounds like such an adventure, especially with all the unexpected finds. 510k views on TikTok is no joke!