Mortgage Underwater $30k After Almost 10 Years of Ownership!?
Hello BiggerPockets Community!
I really need some advice on whether to hold or sell my rental property. Here are the details.
In 2011 I bought my first home, a 1 bed + den, 1 bath condo for $227 000. I paid way too much and moved 1800 miles, couldn't sell the property due to no buyers at the price listed. Over the first 7 years of ownership, I attempted to sell 3 separate times, 3 different realtors, with no success, not even a single offer. I am now losing $535/ month with this property. Over the last 9 years, I lost an average of $300/ month. I'm at a point where I'm now a "motivated seller". After talking to a 4th real estate agent(#1 on rate my agent) they recommended to list it at $160 000. With average closing sale 90% of asking, leaves us at around $145 000 probable sell price. I owe $175 000 currently. Is it worth the $30 000 loss plus closing costs(estimated around $8500)? Emotionally it has also been taxing...
Any suggestions would be greatly appreciated! Liam
**Not sure if this matters but I'm Canadian. I bought the condo in Edmonton, Alberta and moved to Hamilton, Ontario**