Well, as the name suggests, I probably got in a little over my head and now its come back to kind of bite me. I currently own some rental property in Florida that does not bring in enough cash flow to cover all of my expenses. Currently, it covers a little over 75% of my expenses. I would love at this point to just get out, re-coup intial investment, and be happy with my experience and the lessons I’ve learned.
But this market is just terrible. I did some research recently and found that comparable condos (basically, same floor plans, square feet, etc in the same complex) are going for nearly $50k more than what I initially paid for the condo….but there just arent enough buyers!
So I’m at a crossroads. Should I try to price mine down to say $25k below most of those hoping to just get it sold and come out OK? Or do I hold, pay the out-of-pocket expenses each month and hope this market turns around anytime soon?
Boy have I learned some lessons….
