I recently found myself underwater on my office. The prices fell sharply during the “Great Recession”, then all open units were sold at discounted prices, led by me buying the neighboring unit. But now no one is looking to leave. So the prices are deflated on paper, just not with the Cook County Assessor’s office.
But I am unhindered; I have no plans to move the office. I am comfortable with the location and access to the world of my clients.
I have maneuvered myself slightly and bought myself a bit more time to either get the outstanding principle down, the valuation up or find another source of lending.
I am loath to become cash poor and property rich, especially when it is not immediately necessary. Luckily there are options. So I am using the leveraged year, to explore those options.
In most circumstances there are choices; it is just a matter of knowing where to look. Do you know where to look?