Hi there! To begin I’m simply hoping to get some recommendation as a result of I really feel like I’m in a scenario with just a few choices, however I'm unsure what can be finest. I just lately inherited 2 condos appraised at round $300,000 every though based mostly on different items locally I believe they might realistically promote for $250-290 thousand. I just lately took out an fairness mortgage on every property for aboout half of their appraosed worth to purchase a home for myself. (Each condos are presently rented, one for $1900 and one for $1600). I owe $2,651 a month whole to repay the mortgage (this covers property taxes and insurance coverage too), together with $636 to cowl hoa charges. The home I purchased additionally has hoa charges of $440. I do know hoas are horrible and I attempted actually laborious to keep away from them, however I couldn't afford a home that didn't have them the place i needed dwell (close to my household). This quantity is already greater than what the condos cowl with the revenue they bring about in, nevertheless it does cowl most of my home now. I make round $2,800/month from my job (this fluctuates barely based mostly on extra time). Nevertheless, the condos hoa despatched an e-mail just a few days in the past saying that subsequent yr hoa charges wpuld be elevated by 53%, which might put me at $973/month and they’d already be rather more than what they pay for that that time. Ought to i attempt to promote them and purchase a distinct funding property, paying off the fairness mortgage within the course of? Possibly promote and spend money on shares? I'm unsure what to do, however i really feel like they aren’t doing in addition to they might for me financially. Thanks for studying, any recommendation can be appreciated!
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