I have a property that I really just don;t know what to do with. It was a bad choice and just a general horrible investment on my part. I am terrified that it is going to ruin me; it’s an 8 plex and I was basically lied to when it was sold to me. I am not going to run into the whole poor me routine because I am the one at fault; I chose to buy a property out of town that I did not do a good personal inspection on.
The bottom line is that it has 8 tenants, it’s a large 4000 sq foot complex in a downtown historic district. The tenants pay weekly; and believe me when I say they are horrible people. The place is easy to rent but hard to get rid of dead beats tenants that don’t pay rent. What really helps is having an onsite tenant manager to make sure the place stays clean and animals don’t run in from other properties in the area and steal stuff.
My manager is quickly becoming a liability; he can’t get along with my tenants and seems to always have trouble and is starting to pick fights with them. I do still trust him with money but at this point I can’t keep him from fighting with the tenants. I have spoken to him and he is prepared to part ways and move elseware.
He lived in the place for free as a local manager; I have to go through the long hassle of finding a new one but I don’t know where the best place to find a guy like that is. Would it be best to just throw an add in the “help wanted” section? Or is there a better way?
I am almost willing to take a $20,000 loss to get rid of it. I guess I can keep looking for buyers…thanks guys 