Rental property not cash flowing

[Phillip Walters]

I Bough this three bedroom one bath 1 acre home in 2009 and paid way too much for it. Not long after I lost my job and things were getting tight. I talk to my real estate agent and they said to stop making my payments. If I did that the banks would work with me and give me a lower interest rate. I did that and the banks did work with me through the harp program. Since thatI bought another property it was a Reo and a great deal. I'm running the other house out for 1350 a month and my total mortgage is 1430 a month. My interest rate goes up in three months to 4.75 which will put my mortgage payment at 1500 a month. I looked at the rental comps with doing a few things I can get the 1500 a month in rent. Still not cash flowing though. The property is worth approximately 200 K and I owe 182K on the loan. Should I keep losing money every month and building equity? Is there some magical loan out there that will get my payments down so the property is cash flowing? should I do a FSBO and take the extra money and invest in another property.