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Damon K | I'm upside down on a rental property in San Diego. I'm losing 900$ a month due to arm loan. What do i do?? |
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 |
 
acermill
|
Keep paying. I suspect you would not be here asking what to do if you were cash flowing $900 a month on the property.
You made an investment and apparently did not research it properly, or you decided to take as much equity as you could and run. |
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bizcreditguide
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Refinance the loan to get a fixed rate. |
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Marko
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I live in San Diego, but I bought investment property in Phoenix in 2004 because in San Diego there was too big of a discrepancy between sales prices and the amount that could be supported by rents. Generally, it's a good idea to never put yourself in a negative cash flow situation - you never know when real estate values are going to peak, so you can't always count on appreciation to bail you out.
If you still have significant equity, sell the property and roll over the equity by doing a 1031 exchange. Buy a property in another section of the country where an investment property will give you a positive cash flow - try Austin, Texas, for example. You can hire a property manager, so you don't have to live in same city as your rentals. The best part is that in markets like Austin, properties are still appreciating, too.
If you're upside down on the property, sell and cut your losses - chalk it up to an expensive lesson, and take it to heart the next time you buy a property. Good luck. |
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Norma is Nice :)
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One you can write-off the loss at the end of the yr. THIS IS AN INVESTMENT PROPERTy. TWO you can move in... three.. is there room for any additions which you can rent seperately?
Other than that.. refi it. Realistically, you probably (hopefully) looked into refi'ing it and ran into a problem? is it credit? You may have to go into another arm if fixed isn't a possibility because they payments are higher. Hang in there. Also figure out what the max cap is on your current ARM and make sure the new cap is the same or lower... don't go into a 2 or 3 yr ARM try a 5 or 7. They do have option ARMs as an alternative TO BE USED CAREFULLY not for people who don't manage their money.. it's a tool not to be abused... so OPTION ARM... if they can give you 10 yr ARMS it's also good. GET A LOWER PREPAY PENALTY.. maybe 2 yrs at most.
hmmm... it really depends on your situation... hope this helps. |
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Terry S
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Get a FIXED RATE LOAN.
If you're bleeding red every month then why did you buy it in the first place?
Terry S. |
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powhound
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Raise the rent, or sell out. |
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smiling_freds_biz_info
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write a business plan. weigh your options. selling would be one possibility. |
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Andrea B
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You might want to refinance your loan. Mortgage rates have not increased recently and even though they aren't particularly low, you'll have a set payment for the rest of the loan. |
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sweetpea25
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idk
but thanx for the 2 pts!
Snowboarder25 |
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