Miami Beach negative cash flow

[Nicholas Calipari]

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

[Andrew Johnson]

@Nicholas Calipari I'm not trying the twist the knife but it would likely be helpful to know why the loss is $1,200 per month.  If $1,000 of the that $1,200 is coming from monthly HoA dues, would refinancing even help?  I mean, it would help but would it turn the property cash-flow positive if the rate were 4.5%?  Or does it just turn a gaping wound into a bad cut?  I'm also trying to figure out how you have 5% in equity.  

Again, I don't want to be a jerk but I thought Miami had recovered to 2006 levels.  Maybe not ahead of them but that it had gotten back to the past peak.  With 20% and paying a mortgage for 10 years you should have a solid amount of equity.  Certainly more than 5%.  Again, don't want to twist the knife but it does leave me scratching my head.