[fairfaxva]

Dear Ms. Orman,

I currently own a one bedroom condo "investment property." My husband and I just renewed the lease with our tenant. So, hopefully this year we may only be $10-25/month in the hole with our investment. It is an 80/20 mortgage with USAA and GMAC. I still owe about $178K and it is worth about $146K. Since it is not my primary residence, refinancing options are limited and probably a waste of money. As far as a short sale, I don't think that USAA will forgive any deficit. Also, I kind of like having a tenant foot most of the bill. I am just wondering if this "investment property" will be too much of a money pit (repairs, no longer getting a tax break for residing in our investment, etc.). Ideally, I would like to own a house with my husband and our infant son. We just would like to find ways to save money for a down payment and our "investment" seems to be a dud. Any suggestions?

Thank you for your time!
From Fairfax, VA (just outside DC)

[EStimpert]

Thanks so much for this post, we are in the same situation. As a military family we move a lot, and we have had a house in another state that we left over three years ago. We are renting too, but losing about $300 a month. We cant refinance (at 6% right now because that was good in 2006) because "they" wont touch it when they hear it isnt our primary residence! Ive asked this question before and have not gotten any advice from any other members, so I anxiously await someone helping you!