Seeking Advice Please...

[Guevara M.]

I purchased my first & only property back in 2004 to use as a rental & help establish my credit. It is a 1 bedroom/ 1 bath condo. It's just like a 1 bedroom apartment if you get what I mean.

I knew nothing about what I was getting myself into & the time & I think I paid too much for it. It needed lot's of work & me & a buddy did most of it. Over all it is working out OK for the renter but not for me. I'm losing $$$ every month instead of making or even breaking even. If I could at least break even I would be OK so that I could start making extra principle payments.

My initail plan was to pay it off as soon as I could but I never really got the ball rolling like I should have. I was younger & stupid & spent my $ on things I wanted.

Now i'm at the point of not knowing what to do. I would love to be able to pay it off as soon as possible so that I can have positive cash flow.

In 2004 I paid $36K @ 6.125%
Principle Balance is about $34K
Repairs cost me about $3K

My Mortgage Payment is about $345
HOA is $110
Home Warranty is $40
Annual Insurance is $440

It is rented out for $525 at the moment. How much do I have to rent it out to at least break even??? I know some of the other units rent out for any where between $550 - $650