Hi I'm from North Jersey. Will be first time landlord

[James Patti]

Hi everyone,

I always had a interest in real-estate and owning property. So much so that I saved up as much money as I could to buy my first property back in early 2007. What a mistake! I bought a large one bedroom condo in a nice town in Bergen county for $210,000. Well 6 years later I am married and have a kid on the way. We need more room so I decided to sell. I was at first willing to take a hit as long as I could move on and buy a house to start our family. But it now seems the loss would be too much if I sell it now. So I decided to pay down the loan to get rid of the PMI, then refi after that in order to make renting it possible. I could rent it out at a fair market price but it would have a positive cash flow of about 10 to 20 bucks month. Basically nothing..

So what would you do? pay down the loan and rent it? Take the loss and just move on?