I bought a rental in Florida and rent was enough to cover the mortgage, insurance, interest, taxes. Not the case anymore since Hurricane Ian and whatever else came after. Of course the price also went down. I’m 400 a month in the hole.
Anyone in this situation? Should I let it go? Ugh I can cover the $400 a month but should I just stop the bleeding? I don’t need to buy or borrow any money in the foreseeable future.TIA.
Should I let it go?
byu/Difficult_Stomach659 inrealestateinvesting
Posted by Difficult_Stomach659
2 Comments
Insurance costs in Florida will never go down in our lifetimes. If it’s in a desirable city it may hold it’s value and you may be able to raise rent eventually. We’re missing a lot of information needed to make the correct call?
Are you local? Family? Self managed? Close to retirement? Age?…etc.
Only you know what’s best for you and I assume deep down you already know the answer.
Rental in Florida is pretty vague. What specific market? Have you looked into corporate rentals, traveling nurse rentals?
If you dropped property management, how much would that save you per month?