I have an acre of land in florida $33,000. (Paying $305 montly payments 7% interest for 20
years.)
I have a condo in florida. $100,000 (Paying $650 a month interest-only payments @ 6.5% for
10 years.) then it adjusts after ten years. I’ve been living in it 2 years. No money down.
I have a student loan $26,000 Paying $150 a month 3% interest. Im leaving florida because the
jobs here are too low paying. Im moving up to Chicago for better jobs and salaries. Should I
hold onto my florida properties or wait for the real estate market to turn around? If I sell I take
a loss. If I hold I could break even or profit if I hold for long term. If I make a better salary in
chicago working for a public relations firm I can start paying off the debt. The patience is hurting
my wallet.
I do enjoy home ownership though…..I would **** to give up my properties….but it comes with
a price tag. Renting is a waste of money. I would rent in chicago and make a decent salary and
if I sell properties then I would own nothing. But then again I could save money living a rat hole
apartment.. Interest only payments are also a waste of money but at least I can write off the
interest only payments and I get a decent escrow check every year for owning property. I have
no credit card debt and no car loans. However, I cannot just keep making mortgage payments
for the rest of my life. I need to pay loans off evenually instead of buying time.
Whats the smartest move? My friends tell me to “hold” properties and keep making payments
until the market improves and hold onto real estate for lifetime. They said real estate will always
go up in value 30 years from now even if your not building equity. Whats the smartest move?