Las Vegas property

[abrei2]

I bought a new home in Las Vegas over a year ago thinking that I could sell it for a little profit after a couple of years but with the current downtrend in appreciation there, my mortgage payments and operational/management costs far outweighs the monthly rent I am getting from the property. Since the house was purchased with a 5yr ARM based on the Average Treasury index , my monthly payments has ballooned and now have a thousand dollar negative cash flow(without negative amortixation). If I chose the minimum payments my negative will be reduced to about $500 but my principal would increase. With the current market in Vegas, selling the proprty would mean losing close to $10k maybe more. What would you do if you're in my situation? Any advise would be much appreciated.

Thank you.

[reoconsultants]

What would you do if you're in my situation?

I am in your situation ALMOST with two houses in Vegas.. Lucky for me I have other rentals that cash flow in other parts of the United States.

So I honestly say buy more! If you could get into an area that you can cash flow say 5 more at 300 per month you would be able to break even with this one.

Vegas will rise again.

Your other option is to Do a Lease Option on the property I personally do not like lease options as many States are cracking down on them if it makes the cash flow work better for you do it!