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When did you buy and what’s your mortgage rate. I wouldn’t just “wait for rents to increase”, that could take two years and in the meantime you’ve lost $50k. Why not sell it? Real estate isn’t a magic investment. Real estate has been pretty flat most places for the past 5 years while stocks are way up. If you aren’t cash flowing, just sell.
I bought in May 2022, at a 5.5% rate. I’m slowly building equity in the property and don’t want to sell now but based on local market trends and the Atlanta housing supply increasing I just won’t get much for rent. I could just continue to live where I’m living, but would prefer to move closer to work. The area I’m in is continuing to develop and I’m hoping prices will keep rising but I’ve made marginal gains on property value and I’m hoping they increase
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Losing $100 or $200 a month in cashflow but having an occupied unit is much better than losing $2k per month for 6 to 18 months until rent “recovers”.
Rent is dropping in most major metro areas due to an increase in supply as tons of post pandemic new construction comes online. So it’s not just an Atlanta issue.
Losin $200 a month while retaining and building equity is a better option. Unfortunately you may have to adjust your new rental space budget to not dig a whole for yourself
If you live in the area, why do you need a property manager?
Because I don’t want to handle tenant matters. Process is streamlined through a PM and I don’t need to be involved at all. I’ll be working 60-70
Hrs a week in T2 and don’t want to have that responsibility on my plate
If you own it, can you refi for a lower rate? What will your tax favoribility be (be sure to run your rental as a business and understand what write-offs you're allowed)?
OP is at 5.5%. Rates are up since they bought, not down.
OP - if moving now isn’t absolutely necessary, it sounds like your finances would be better off if you stay in the condo until prices increase, rates come down, or rents increase. At this point, anything you do will impact you negatively.