Need advice! Hurt by the big short.

[Joseph Mananquil]

In 2007 I purchased a home for 220k with no money down and an interest only payments for 10 years.  Since then the home is now worth 210k and i am stuck with an interest rate of 6%...  Currently have a renter in there but am taking a $300 loss each month.  The renter has signed a lease for 2 years but is considering purchasing...  I hear lot of people on BP say,"they wish they never sold any of the homes they purchased."  In my situation would it be smart to keep it???  I am having a difficult time getting refinancing.  Not sure what to do?  Can anyone give me some options or advice on how can come out of this situation not feeling completely burned by real estate investing?

-Joseph

[Chris T.]

Are your current rents market rate? if not, you might be able to raise them after your current renter leaves.

Unfortunately you're in a bad position. I have a condo unit like that as well. Some investors suggest biting the bullet, sell the loser, and move on. But you already have a tenant. With depreciation, you should almost break even per month.

what is your current mortgage? I would assume you have paid it down quite a bit after almost 10 years.