Updated over 18 years ago on . Most recent reply
my 1st deal
I am a new investor trying to learn the ropes but i am in need of some serious help figuring out what i should do in my situation. i think i may have myself aligator.
Ok, so this is my situation. I purchased a house in 2006 for $455,800 as an investor and first time home buyer and I haven't worked for one whole year since then, so income flowing in is a major issue for me. I'm renting 2 floors and living in the basement. I am collecting income from my renters of $2350 monthly and the mortgage is $3,098. So basically, I am coming out of pocket $728 + 350 insurance +$57water + $192 taxes which is a total of $1327 on a m onthly basis. Plus, I've put $25,000 into completing the basement and other small repairs on the other floors. I am very worried i may be making a mistake coming up with the money anyway to keep the house. Can someone please assist me in figuring out what to do because i've been depating whether i should sell the house.
Please help!!