All Forum Posts by: Elizabeth Bates

Just commiserating - I’m in the same boat in New Orleans and have owned my home since 2017. With insurance and taxes skyrocketing, my profits will go from healthy to in the red as of September 1 😫.

Hi, all! 

I own a duplex (purchased 2017) that I rent out both sides of (at market rates) and refinanced in 2021 for a great rate of ~3%. In 2022, my total mortgage went up by about $400/month due to escrow adjustment. I just got my most recent escrow adjustment and it went up again by another $500/month, so I've now gone from ~$900/month profit to -$30/month (not including flood insurance, maintenance, and repairs). I don't even know what my options are at this point, knowing that insurance and taxes generally go up each year, and I'm now going to be losing money each month I keep this property. 

Is there something I'm missing?