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Bought a house young, in a terrible location. Need advice on what to do with it please.
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Hey there! Being a young dude living in the small oil town of Swan Hills Alberta I was able to buy a house when I was 19 or 20 cause I thought it was the right thing to do.

Long story short, I became successful online and moved to BC, but I still have this house. The town is dying hard, many houses for sale and a bunch of foreclosures happened. I have barley had any renters come in, and even if I do I can only charge 1k or so a month even though the place is fully furnished, its a joke.

I paid 180k for the place and now have 121k left on the mortgage, it's a 4 bd 2 bath. Every year on average with everything included I am paying just under 18k to maintain, it's crazy when you take every single expense into account.

What I have done is reduce my payments to the lowest possible, as I would rather invest more money into my business. I have ads up for rental and am thinking about contacting companies for company housing, might be able to do some kind of deal there.

Is there something I am missing, do I have any options or anything else I can do? I am open to any option basically as I'm trapped here, just so sick of paying for 2 different places. Please let me know if you need any additional info about anything.

Thank you so much for any advice, I really appreciate it.

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Posted
5 years ago