New BiggerPockets Article: What to Do with a Rental Property That Won't Cash Flow

My newest article for BiggerPockets is up, which asks the simple question: "What to do with a dud?" So what's the first step? Well, the first step is to step back and ask a few dispassionate questions.

The first thing to do in such a situation is to take the emotion out of it. Who cares if you feel ashamed of a bad purchase and think you should dump it no matter the cost? Or who cares if you really love the property and feel like you should keep it no matter what?

In business, we need to think calmly and rationally. So, we start with the dispassionate questions:

1. Does the property actually not cash flow?
2. Is it temporary?
3. Is it fixable?
4. Is it tolerable?

Once you've done that, you can ask what should be done, which requires three more questions:

1. 1. Can you refinance your way to cash flow?
2. 2. Is there big upside potential?
3. 3. Should you sell?

The article walks you through each of these questions and should help you make the best decision given your situation with whatever "dud" you're dealing with. Check it out!