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Updated almost 7 years ago, 03/14/2018

User Stats

8
Posts
0
Votes
Sundri Khalsa
  • Rental Property Investor
  • Annapolis, MD
0
Votes |
8
Posts

Should I sell at this loss?

Sundri Khalsa
  • Rental Property Investor
  • Annapolis, MD
Posted

Any advice? Should I sell?

I have 5 properties. One looses $458 per month, which might go down to $383 per month if rent can increase to what property manager says is possible now. That monthly loss is preventing me from paying off one of the other properties faster.

I purchased the condo in 2007 in Jersey City for $360,000 and put $30,000 down.

Refinanced in 2013-ish at interest rate of 4.25% as investment property after I had moved away.

I currently owe $250,100.

I can sell now for $270,000--the first opportunity I've had to sell without needing to pay money at closing.

I can afford to keep the condo and continue to take a $458 to $383 monthly loss, but should I?

Does the property really ever have a chance in my lifetime of going back up in value to $360,000 or higher?

Property is located in Jersey City, NJ and currently valued at about $270,000. 

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