i'm renting apartment taking monthly hits to slow bleeding
First of all, I want to mention how great this site is. I just spent the last 4hours reading posts.
Now here's my problem... I bought a studio in 2006 with 0 down for $250k and put in roughly $20k to fix up the place. Mortgage+taxes+PMI is $2000 and Maintenance+utilities is $650. PMI ends early next yr so knock of $200/month. Total monthly cost will go from $2650 to $2450.
I'm renting out the place for $1600 and paying the rest out of pocket. The reason? I can't sell the place for more that $190k because of all the shortsales. So I figure I lose about $1k per month until the market picks up. At least a little bit.
My tenant is very good and I can continue to pay the difference. I think I'm screwed either way. Any suggestions?