Monthly mortgage is greater than rent - What to do?

[Richard Rohrbough]

Hello BP friends. I need your help on what to do with my rental.

My monthly mortgage payment is greater than the rent I can get by $150 and the 2023 taxes are going up another $150/month.

I’m sure this is a common issue, so what are my options beyond the three I can think of below? Anything creative?

1. Ignore it/deal with it/subsidize it with other properties until someday rent catches up with my payment (meanwhile equity should have grown).

2. Make a large payment against the mortgage and ask the mortgage company to re-amortize the loan so that my monthly payment is less than what I can get for rent.

3. Sell the house (and make a better purchase on the next property).