My brother is talking about selling the apartments again, which we share 50-50. If we sell, I’ll have $1.2 mil. So I’m trying to figure out –
- Do I pay off the $420,000 mortgage to my condo, which is my primary residence?
- And do the following with the balance –
If I have a balance of $820,000 earning 7%,
If I withdraw $4,000 each month starting today,
If I deposit at least $250 every month,
my total investment will continue to grow.
I am 61 years old. At 80 years old, I will have $1,200,000.
Another idea –
- Instead of paying off my $420,000 mortgage, take the $420,000 and buy a new-build townhouse in Santa Fe, NM, and rent it for $3,000-$3,500 a month.
- And do the rest, stated above? The mortgage to my condo is $2500 a month (including escrow and HOA).
Meanwhile, I have a teacher’s pension that pays me $4700 a month.
What would you do? Lots of moving part here, I know. Buying a condo in Santa Fe, NM is about diversifying my money, and not relying on VTTVX to pay me $4,000 a month. What if VTTVX doesn’t earn 7% one year?