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Comments

Erik Rodriguez

Hello Barbara,

I own a 3 family house in South West Yonkers (which isn't the best area). I've owned the house for 6 years & my longest tenant only stayed 2 years. I'm in the process of renting an apartment, which isn't easy because the area is really bad & the rooms are very small, but I have renovated every apartment & they all look amazing. My other dilemma is once I have all my apartments rented I'm still short $150 on mortgage, not including monthly expenses. I am drowning into an abyss with debt & I know if I sell now I'll get just get enough to pay off my mortgage. Should I put it on the market & take the loss or should I continue to be optimistic and hope the area will change. Then maybe 30 yrs from now I'll be 55yr old ( I'm only 28) with a house paid in full.

Please Note: South West Yonkers is in the process of a renaissance, recently a $3.1 billion makeover was approved which should be completed within a 10 year period and it is walking distance from the location of the house.
http://www.thejournalnews.com/flash/yonkersredev/yonkersredev.swf

As I'm writing this, I kinda already have the feeling your going to tell me, "Hold on your sitting on a golden egg" - My problem is my debt is too heavy and the egg will crack - Any suggestions?

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