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I bought a property right before the great recession and was under water for almost two years. I kept it for the long haul though and it eventually became a rental property. I did spend around $30k on it over the years (maybe more) but I ultimately sold it just a couple years ago for over $200k what I purchased it for. If you're able to play the long game, do it.
Depends on the issue(s), there will be times a turn takes longer than expected. Is it deferred maintenance? Issues with getting a tenant would be looked at with current market rates (your better off cutting monthly rent than waiting 2+ months for top rent rate). Is the area poised to appreciate? What was the plan prior to purchase? Perhaps a property manager could make sense? Many points to consider but most importantly is did this property serve is intended purpose and if it can how can you fast track getting it there or are you in danger of losing it, your credit and your equity.
Did the numbers not work from the start, or have you just had a lot of maintenance and other issues?
Wasn't great from the start, and yes a lot of maintenance caused me to spend a lot too
Walk us thru the numbers
Mentor
How long ago did you buy it?
What were your projections?
What didn’t go as planned?
What would you do with the money otherwise?
Mentor
Go on…
I’ve seen people hold on and win, and others drain themselves waiting for a turnaround that never comes. If the numbers truly don’t make sense and it’s stressing you out, there’s no shame in cutting your losses and resetting.