Need advice on an underwater investment
I hope I am posting in the right forum. If not, please let me know and thanks in advance for not judging me on my bad investment :)
In 2007, I thought I could make some $$ on a preconstruction flip.
I bought a very nice condo in a preconstruction building in the Chicago city limits (in an up and coming area, not too upscale, but not the hood - close to a lot of nice stuff and the mass transit)
I bought for 390k with 5% down and took out an interest-only loan.
Alas, the real estate bust happened. However ... my tale is not a tale of complete woe.
I rented the place out and I still manage to eke out a miniscule profit each month after mortgage, insurance, HOA etc. Minor repairs definitely do bite into the bottom line but it is a slightly positive cash flow.
I just am tired of treading water - I am not building equity, I am still underwater when I look at comps in the area (I think the place is conservatively worth 350K).
I am not real-estate saavy enough to know what my options are.
(1) I dont think I can refi cause my LTV is horrible.
(2) I cant sell without paying out of pocket
(3) I cant short sale
Any ideas for an exit strategy? I just need folks with experience to weigh in. WWBD (What would biggerpockets do)?