Should I Pay Anything Towards Monthly Rent of my Property?
So here is the situation everyone...
My wife and I bought a condo back when the market was sky high at 439,000. It went as low as 300,000. It's now around 410,000 and we owe 415,000. Our monthly mortgage is about 1900, property tax around 350 and HOA dues are 446. Let's call it an even 2700 a month.
The going rate to rent this property in my condo complex is about 2,000-2250. Let's say I can get the top amount (not sure if I can), and I got with a property management company, I end up getting about 2,025 a month. I still owe around 700 a month.
IF I can afford to pay that 700, does this make sense? Part of me feels the property SHOULD be giving me cashflow or at least breaking even. The other part of me is like, "Well, if someone is paying the majority of my mortgage and I can wait out the prices to climb more, etc, this might be worth it."
Is there a firm formula or rule of thumb for people on how much to put back into a rental on a monthly basis? Any help would be appreciated.