Would you do this?

3 Replies

Good Morning all,

My name is Michael, 51 and working toward retiring and not being worry about weather I have enough money to live on when that day arrives.I have been a Real Estate agent and Investor for the past 12 years. Currently I owned 15 rental properties. Half are paid for and other half, I have mortgage on.

Recently, I sold one of my rentals and trying to figure out what is the best use for this money. In my market, that prices has gone up a lot and have not been able to find anything that would make sense buying at this point. 

I am thinking about paying off one of my loans, which is interest only at 6.62%. Have owned this 4-plx for 7 years. 

Would you do this or does anyone have a better idea?

Thank you in advance 

Why did you sell one? It sounds like you will be living off the rents for retirement? What does retirement mean to you? As Realtors we have it pretty darn easy as it is. For me, I plan on being a Realtor into my 90s if I get to live that long.

It was an older home.  My intend was to sell this one and buy a newer one. However, the prices do not justify.

You are right on my plan to live off my rents for retirement and you are also very accurate of how easy us Realtor have it, but I am planing to move to another country in the next 6 years.

@Steven Zagaris  Your post reminded me of a little old lady Realtor who works in my market.  She walks super slowly and with a walker.  I would say she must be a listing agent only as I can't imagine how she can show homes to buyers at that pace, but I actually met her at an appreciation dinner for buyer's agents.  Still wrapping my head around that!

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