Help me decide thanks

[Irfan]

Aslamoalikum and good day all

I had purchased a one bedroom apartment in international city via 90% financing in 2006.

Property purchase price 409 K
down payment 50 K plus
Total loan amount 368 K over 15 years

In 2009, I made 70 K balloon payment,

As of 2011 Nov, loan outstanding is 240 K, property current value approx 240 K

Rent income so far 220 K

Loan payment so far to loan company 350 K

So If I exit today I lose around 130 K but can get rid of loan with nothing to be paid from pocket.


Current rent is 25 K per year current loan payment is around 50 K so each year I will pay 25 K from pocket,

So is it advisable to take hit on 130 K loss from past period and on break even sell property and get rid of outstanding loan? or should I hold for some reason.



Thanks in advance

[mhomes]

I'd say it depends on location, present and future economic variables in the city/country you're invested in.
If you think the country is not safe economically long term, get out now.
If you're sure the country will get better, stay and you might realize some profits in the long term.

[Dubai properties]

I'd say it depends on location, present and future economic variables in the city/country you're invested in.
If you think the country is not safe economically long term, get out now.
If you're sure the country will get better, stay and you might realize some profits in the long term.

I agree. Considering the future opportunities of the place you should relax, think deeply and also do some research and if in the long term it would not count as a good investment then I think you should let it go and take the blow.