Need help: Sell under value or keep holding it
Hi everyone, my name is Gianfranco, i live in Panama, Panamá.
I've adquired a mortgage for a rental property located in Playa Blanca, Coclé, Panamá like 5 years ago.
The thing is i bought it for USD 150,000.00 (it was my first investment on real estate), but as things go now, people with the same properties at that location are selling theirs at a very low price, like 90 to 110k for properties even larger than mine.
So using the average sqft2 my property could have a value of 90k.
Of course i would not be happy to sell it at that price.
But, the short term rentals here in Panamá has been through hard times. I am making like $300 per month and the single mortgage payment is $760.
I know i made a few (maybe many) mistakes, but i really don't know what to do.
I don't know if i should hold it untill better times comes or sell it today at current market prices. Any advice will be well received. Thanks in advance. And thanks God for this site.