Quote:
Originally Posted by Justout
No, other apartments with similar floor plans are being sold in forclosures. Mine is fine. So this is how I know how much mine would sell for if I were to put it on the market today.
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you should have stated this up front, as this is the first post you have made on this thread which states what your goal is.
Quote:
Originally Posted by Justout
That would fix everything, true, however, I can't just increase the rent from 1200 to 1650.
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I would increase rent 3% or 5% per year until you head towards break even point. If you cannot get that much rent of the property, dump it.
Quote:
Originally Posted by Justout
The market determines the rental price of properties not me, I can certainly ask for 1650, but I'm sure no one would pay.
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If the market had you losing $450/month on the property, why enter the market in the first place?
Quote:
Originally Posted by Justout
Yes we did for last year.
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Factoring the taxes in, did you break even? Where did the tax benefits go (did it allow you to spend more, or did you reinvest it in rental (by paying it down).
I would make it a priority to get rental to point where you break even month to month.