My wife and I just moved out of the country for at least 3 years. We kept our townhome as an “investment property.”
Problem is, no one has rented it yet, (it’s only been a few weeks since we left), BUT it’s now looking like once we do get a renter we’ll probably be in the hole ~$500/month with our mortgage. We currently have a 4% rate on our mortgage, so refinancing doesn’t look like an option right now.
Is it even worth keeping at that point? I just can’t help but think that money could go toward other investments, but I do understand a renter will be paying ~$2,000 for us. So much of that goes toward interest, though.
I also am still on the job hunt, which is why this is more painful as well.
Is this the type of thing that’s worth keeping in the long run still, we just eat the cost and wait until we can refinance (if ever), or would our money be better spent going toward something else?