AS - I read that book too and I found it disturbing. I thought it painted a way, way too rosy picture of becoming a landlord. He made it sound like it is the easiest thing in the world and anyone not doing it is an idiot. The old saying of if it sounds to good to be true... came to mind.
Certainly, people can and do make money owning rental property. But the bottom line is that YOU are NOT making money. You are SPENDING $300 each and every month and expect to be doing so for the next 3 years (if all goes as you expect).
It has been a while since I read the book, but I'm pretty sure he advised only buying a property that had a positive cash flow. Yours has a negative cash flow. That isn't an investment. It is an expense. Cut it loose and move on. If you still want to do the rental thing, take the money and find a place that will have a positive cashflow.
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Steve
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