Ques. about selling rental property at a loss
Paid $365,000 for a vacation rental condo in 2004. Still owe $120,000 on the mortgage. Could probably get around $250,000 for it today. Don't see the prices increasing any time soon to even break even. Only make about $3000/year profit on rental after paying expenses. Would like to be debt free. Would it be dumb to sell at a loss ? What would you do ?
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