Need advice on 2 negative cash flowing properties
Hi All,
My first post here. I started investing in real estate in July of last year and now have 3 rental properties. 1 in Alabama purchased through REI Nation and 2 in Port Charlotte Florida purchased through Rent to Retirement.
Unfortunately, the Florida properties turned out to be bad investments. When I bought those the projected rent for both the properties was $2650 each. But we were able to rent it to only for $2150 and after all the deductions, these are negative cash flowing by about $450 each.
I am wondering what my options are to turn these properties around. When the interest rates do go down, I should be able to reduce the deficit or may be even break even. The mortgages on these are at 8% with 25% down.