Condo is underwater by about $35,000

I own a condo which I bought in 2006. The condo is underwater by about $35,000 and is $55,000 less than what I bought it for in 2006. I have thought about renting it out. I don't think what I could get in rent would totally cover everything but would probably pay the mortgage. The maintenance fee and taxes would probably have to come out of pocket. I would move back into my parent's house rent free. If all worked out as planned and I got tenants that paid the mortgage on time I could probably make some good money doing this and possibly be able to sell it in a few years? Does anyone have any advice about this? I'm only considering it now but haven't decided yet.
michael1_4
Asked Dec 12, 2012
If you can live for free and collect the mortgage payment in rent, you will do better than living there yourself but you are essentially rolling the dice that property values will increase enough to get you back above water. Otherwise you're talking about a long, long time to recover. Look at the amortization schedule; it's not going to happen in a "few years" without a dramatic uptick in property values where you live.
Rob
Answered Dec 12, 2012
Edited Dec 12, 2012

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