Should we sell it?

[Sejin Kim]

Hello biggerpockets! 

I don't know what to do with my property. 

I and my husband bought our first house in October 2022 when there's a lot of changes in interest rate. ( 5.5 % with VA roan? 5 bed 3 bath house )

For unexpected changes, we couldn't afford mortgage, we rented as Short term rental. 

Luckily my house has swimming pool, spa and it is very specious, surprisingly it was very popular. Even though we were nor in tourist place, house seems almost more than 50% occupancy rate except winter. ( In winter we had mid term tenants) 

However, even though our property is popular, because we pay a lot in mortgage, many times it is negative cash flow and pool seems constantly leaking. We had to put temporary line, it costed $600, and I don't know how much it will cost when we do permanent repair. Also sprinkler breaks, we had to repair... 

At that moment we started to rent, we thought that's the best option for us. 

When we bought a house we were first time home buyer, so we didnt have a lot of knowldge, and we didnt know how to negotiate. ( Realtor didnt really help to negotiate, and lessson learned. ) 

We don't have a lot of equity in it. 

Probably we will lose money when we sell.. 

Also, even though we make negative cash flow, since its big house and income from house is a lot we had to pay more taxes. 

So at this moment, I am not sure if we should continue to airbnb. 

With long term rental, we coulnt cover mortgage at all, with short term rental, there was possibility to cover mortgage ans sometimes it did. 

My husband wants to wait until interest rate goes to down so we can finance but I am not sure if it will ever happen... 

Thanks for reading and any comment will be appreciated. :)