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Updated over 7 years ago,
Keep my underwater property or dump it?
I would love your advice. Should I keep this property or dump it?
I have a condo in Algonquin Illinois (3 bed, 2 bath, 1890 sq/ft) that I had bought for $265k in 2006.
The current comps for this property are around 185k - 195k.
Ten years later the property is still 70k - 80k underwater.
This property used to be be my main residence, but I have moved and I am now renting it.
Total expenses = $1835.84
Rent = $1700.00
I losing $135.84/month
With this property still underwater 70k - 80k and I am paying an extra $135.84/month. Would you keep this place or would you dump it?
Thanks for your advice!!