Refinancing to AMR to mitigate losses while waiting out DC’s market

[Melissa Wilson]

Hello all, currently I have a property losing $700/month (not including vacancy cost). I am trying to sell, but as we all know DC is rough right now and I’m really not sure when I’d be able to sell. I have spoken with my lender and they brought up the idea of a 5-year AMR which could save me up to $500/month. This is attractive to me because I can minimize the bleeding while I wait out the selling process.

I understand if I do this, the risk I’d be taking is not being able to sell within 5 years and having my rates jack up. I’d like to think this is a minimal risk but I also never thought DC would be where it’s at today.

Does anyone have any experience using AMR in cases like this/any thoughts?