Rental Property
Hi Terry,
I love listening to your guidance on WGN radio during the week.
I am 46yo and owe about $60k left on a townhome that we have rented out for the last 12yrs. I have a chunk of bonus money coming this year from my job in which I can pay the $60k principle off. The TH is worth about $220k and we still owe about $200k on our primary residence that we live in now.
Do you think I should sell the TH and pay off our primary residence (15yrs left on that mortgage) or keep the TH as a financial investment and continue to rent it out? Thanks!!
Terry Says
What is your mortgage rate on each?
How much do you have in other savings? In a 40lk plan or IRA?
Do you have a pension or other retirement income, in addition to what you’ll get in SS?
Sounds like you’re at the perfect stage to meet a fee-only FIDUCIARY advisor whom you can trust, and who is not trying to sell you something! Read this: https://www.terrysavage.com/pam-krueger-wealthramp/
