Reason 231

Tough decisions. And now for the after-school special portion of my blog (cue Kirk Cameron and some cheesy music that pulls at one's heartstrings). Three years ago I purchased a studio condo in the heart of downtown that seemed to be exactly what I needed at that point in my life. I had been living with my mother for two years while working as a teacher for the first time and, while I adore my mother and the stability she offered, it was time for me to high-tail it out of the suburbs and set up shop in my own place. I was thrilled when the bank qualified me for a mortgage and gleefully signed the tome-like paperwork they plopped down in front of my glazed-over eyeballs without much question. The building had been completely renovated from old-fashioned apartments into sleek condos full of granite counters and shiny mahogany cabinets, and it offered a small gym (no more Bally's dues!), a secure parking garage, a hot tub (sans time travel capabilities), and a community barbeque area. To top it all off, I wouldn't have to pay Home Owner's Association dues for two years. I was a naive girl seduced by a five-minute commute to work, the idea of freedom, and a cupcake cafe within walking distance. Well, kids, there's a reason people say things are too good to be true. As of this moment the value of my property has decreased by around $50,000, my HOA dues have kicked in and will be increased (for the 2nd time) in the next month to pay for an assessment the developer ignored, and most of the building's units are being rented as apartments by inconsiderate folks who litter, leave TV's on full blast into the wee hours, and fill the hallway with clouds of smoke from incense. I am trapped in the investment from hell and half of my monthly paycheck is going directly to the devil. Jason, I don't know how much experience you have with real estate, but you seem like a very level-headed guy who could give me some unbiased advice about my situation. I am fortunate to have a father who has worked in the mortgage industry, so he can shed light on that area, and my amazing mother empathizes with me and, of course, simply wants me to be happy, but the voice of someone who can weigh the pros and cons of condo life without being swayed by those damn tasty cupcakes would be really appreciated right about now. Do I continue to pour income into property that may never recoup its original value or do I simply walk away, purposely defaulting on my mortgage, taking a hit to my credit score, and returning to my childhood home until I find a cheaper place to live? Having to be an adult and make tough decisions really sucks sometimes, but it might be a little bit easier with a friend like you in my corner. At the very least you'd be tall enough for me to rest my head on when life seems unbearable, and that's a service that should never be underrated.