Should I sell at this loss?
Any advice? Should I sell?
I have 5 properties. One looses $458 per month, which might go down to $383 per month if rent can increase to what property manager says is possible now. That monthly loss is preventing me from paying off one of the other properties faster.
I purchased the condo in 2007 in Jersey City for $360,000 and put $30,000 down.
Refinanced in 2013-ish at interest rate of 4.25% as investment property after I had moved away.
I currently owe $250,100.
I can sell now for $270,000--the first opportunity I've had to sell without needing to pay money at closing.
I can afford to keep the condo and continue to take a $458 to $383 monthly loss, but should I?
Does the property really ever have a chance in my lifetime of going back up in value to $360,000 or higher?
Property is located in Jersey City, NJ and currently valued at about $270,000.