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Updated over 7 years ago,

User Stats

10
Posts
2
Votes
Chad Rupp
  • Texas
2
Votes |
10
Posts

Keep my underwater property or dump it?

Chad Rupp
  • Texas
Posted

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!!

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