2006-07-27 09:54:18 · 7 answers · asked by daviddavis5 2 in Business & Finance ➔ Renting & Real Estate
It entirley depends in which fashion your prop. is losing money, if it's something difficult to deal with, that may require time if not money, then dump it. The bottom line with having a property is to either use it for living, or to gain money from it. If you think you will at no point turn it into a net profit, give it to someone who can.
2006-07-27 13:41:47 · answer #1 · answered by vashnok 2 · 1⤊ 0⤋
You should determine why the property is losing money and, if possible, solve the problem. Whether or not the property has acceptable profit/cash flow potential, you can sell. Realize that the profit potential probably won't be different for the new owner and the property will PROBABLY bring a price with that factored in.
2006-07-27 10:01:13 · answer #2 · answered by Someone with a free answer 3 · 0⤊ 0⤋
depends, are you loosing alot? If it is an undervalued home, maybe needs some upgrades, then you can sell it for a profit. Sometimes makeing a loss on a house isn't bad. if you hold on to it for a year and you are only loosing $50-100 a month, what happens in a year and the apperication goes up, then you can sell if you wanted. Rates are going up for mortgages, soon some people will not be able to afford to buy because of the interest rate, not to mention americans are in debt up to their eyeballs. I would hold on to it unless you are seeing a trend of property loosing value in your area. Have you considered raising rent?
-Angela
http://www.ratraceclub.com
2006-07-27 12:08:12 · answer #3 · answered by Biancoa 4 · 0⤊ 0⤋
First off find out why you are losing money. Did you pay too much in the first place? Are the rents too low for the area? Are you paying too much intrest? Were there abnormal spendings that would be one time expendatures? If you can't find out why you are losing money then sell.
2006-07-27 10:00:12 · answer #4 · answered by uniroyalfan 3 · 0⤊ 0⤋
First, spend the extra few hundred for an excellent Tax Accountant once you record. 2d, on account which you're dropping funds, you will no longer pay taxes - the non-public loan will wipe out your earnings plus some and you do no longer pay taxes on a loss.
2016-11-03 03:28:55 · answer #5 · answered by ? 4 · 0⤊ 0⤋
why is it losing money? if its not in a good area then yes sell it
2006-07-27 09:59:25 · answer #6 · answered by jojo 6 · 0⤊ 0⤋
Sure. What ever makes you happy!
2006-07-27 09:57:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋