Hello New Memeber
Hello everyone...
Little Overview:
I work for a telecommunications company..... Fun, Exciting, and already bored talking about it.... :)
I purchased a 2 family about 10 years ago. Made many mistakes along the way; when both units are rented I'm still paying about $200 a month on the mortgage payment plus the yearly expenses; I'm trying to figure a way out of this mess. The house is underwater; will not appraise for anywhere near what I owe, needs some cosmetic work but a sound building. I have a 1/2 a mind to walk away from the thing altogether.
The little bit of number crunching I have done; from reading on this site; I don't know if I'll ever make money on this property. Short term expenses (year to year), + long term expenses (repairs, updates etc...), plus the insane mortgage I currently have.... its just not looking good.
What am I doing here? Trying to figure out a way to improve my current situation. I have just enough for a down payment on another multifamily, but I'm not sure if that's the right move; with the other idea being I put the money into my existing 2 family and try to get that Income / Expense ratio to a more reasonable level! But than I'm back to square one with no cash reserves... I'm currently siding with finding a solid investment that is paying out a few $$'s each month.
I am reading through some of the information on this site and hoping to get a better understanding of what I should have already known before getting into this mess.