I bought Condo in 2007, should I keep the negative cashflow?
Hi Everyone,
As the title states, I bought a 1 bedroom Condo in a town where I used to live, just outside of London, UK, in 2007. Since then it's been rented the entire time but requires around $150US per month to keep it afloat. It's being managed by close family members.
I'm certainly in it for the long haul, I'm hoping rents will increase while the mortgage goes down, but part of me wonders whether or not I should just cut my losses and move on. Right now I'm pretty much treating it like a savings fund - 'only' $150/month (this should decrease) for a fully paid off condo in 22 years time. Is this the right attitude?
I had a valuation recently that put it about $20k over the 2007 price so I could pull out with minimal profit, but I'm inclined to just keep it on the back burner and continue with my full time job in the meantime, whilst looking at other properties in North America.
Any advice you could give would be greatly appreciated. Thanks in advance!
Andy