Using a condo as a buy-hold investment property
Hello. I am an aspiring investor and my wife and I recently bought property (a condo) back in June (our first future investment property). At the time it was all we could really afford here in San Diego, CA. Today I used the BP rental property calculator on our condo and it's was terrible deal!!! Initially, we planned to move out of it in June and rent it out. We can rent it out for the mortgage but will end up eating the $300/ HOA. Also, the property taxes are 3K/yr. We bought this place as a buy-hold investment but are quickly re-thinking our plan.... Should we hold onto it, rent it, take the loss and make up for it on the next deal? Should we cut the losses and sell? What are your thoughts? I haven't heard many ppl talk about condos or getting out of bad deals yet. Our thought process is that this unit will cost us at minimum of $6,814/yr (HOA&property taxes) if it were to be rented. Which would be hard to cover on the next investment. Any assistance would be greatly appreciated.
Austin T.