Thanks for all the input guys!
Yes it's a difficult situation indeed. The apartment costs me $450/mo but to sell it I'd have to come up with about 30k to pay the bank. So do I take a chance and cut my losses now or do I stick it out and hope the market turns around soon? That's my dilemma.
Is it possible that this property will go up significantly in value in the next few years? Maybe. But it would have to go up by 5400 in 1 year to keep up with my losses, otherwise I'm just going deeper in the hole.
|