Originally Posted by wilkens21
Hey Everyone...I could use some advice here as I'm a little confused as to what to do.
I have a condo in which it's pretty expensive to maintain but am hesitant to sell right now due to the declining market around me.
The apartment has about $380K left on the mortgage and I can probably sell it north of 450K at the moment (or around there).
So the expenses of the mortgage + maintainance/taxes are about $4000/month.
This is what I don't understand why are your expenses 4K/month? A quick check with a mortgage calculator shows that payments in the 4.25% to 4.375% range is just under 2K/month. Even with a $400-$500/month for a condo fee and taxes of 5K a year, I would think your expenses would be just north of $3K/month. If you can rent it for 2600 then you are looking at 400 a month, which I think would be pretty close to break even after figuring the tax deductions and the amount of principal you are paying off.