i own a condo in a favorable downtown area...
penthouse floor, 1,000 sqft 2br 2bth, ocean bay views, storage space, parking space, gym...
i bought it not too long ago...
i owe 445k on the mortgage...
payments are 2,000 for principal/interest, 490 for mortgage insurance (5% down), 474 property taxes, 550 HOA dues...
total of about $3,600/mo (yes, it's high but it's correct)...
i can rent it out for 2,900/mo...
there is a law school nearby so it won't have a hard time renting...
i myself can find a place to rent for 1000/month, maybe 900...
it won't be anything near as nice but i can manage, i'm single...
i make 17,000/mo on average after taxes (65-80 hr work weeks)...
i am 2 weeks away from paying off all my credit cards..
i have another 120k of student loans at 3%...
if i sold the condo i could probably get my money back even after commission...