All Forum Posts by: Nicholas Calipari

Hi Marty,

Yes, with tenant's rent, after mortgage ( I have 2 ), association fee, and taxes, I am at a loss of $1200 per month.

It is a 1 bed/1 bath, est 810 sq ft.

I owe 340k. 

I did a Redfin estimate - 322k this is a pretty accurate value based on past sales/ current listings 

thanks

Hi, I bought an apartment in Miami Beach in 2006. I lived there for a few years then needed to relocate. I have been renting it with -$1200 cash flow each month.

Depressed home values have left me waiting it out.

After more than 10 years, I need to stop the bleeding.

Looking for some advice.

Is there any way to refinance an investment property with little equity? Currently my rate is 6.5%. I would need an appraisal but conservative estimate I have max 5% equity.

Or, factoring refi costs, should I unload the place at a sizable loss of 40-50k? Which I can't really afford, but would use retirement accounts. I would plan to put the $1200/month back into the accounts.

Really appreciate any help here to help handle this massive financial drain.

- Nick