- Joined
- Mar 11, 2017
- Messages
- 9
I have a rental property in a great area of Calgary with an illegal suite currently owe $320,201.00 @2.4% interest maturity date is May 2021 then Ill owe $287,641.00. I paid $375000 in 2008 and should be able to sell for at least $400,000
Mortgage payment is about $1400 +utilities and currently rents for $1200 and $800....used to rent for $1800 and $1200 a year ago
so I have no cash flow and it just pays for itself.
I live in a townhouse which I paid $236000 a few years ago and currently owe $205000
My problem is that I have a bunch of debt Id like to pay off as its costing me $510 per month and is a huge burden for me.....Mainly my debt is student loans totalling approx. $72000 also the rental needs some work and renos before I can sell it.
I cant refinance as I don't have enough equity and I hate the thought of selling my investment property.
I need some advice as to what I should do....Should I just sell it as soon as I can or should I wait 4 years until there is more equity then sell or should I still keep it and continue to slowly chip away at my debt?
The debts and interest rates are as follows:
LOC #1 =$36000 @3.7%
LOC#2 =$15000 @9.13%
Student Loan 1= $8000 @5.2%
Student Loan 2=$3600 @5.2%
Student Loan 3=$9000 @2.7%
Thank you for any help and wisdom
Mortgage payment is about $1400 +utilities and currently rents for $1200 and $800....used to rent for $1800 and $1200 a year ago
so I have no cash flow and it just pays for itself.
I live in a townhouse which I paid $236000 a few years ago and currently owe $205000
My problem is that I have a bunch of debt Id like to pay off as its costing me $510 per month and is a huge burden for me.....Mainly my debt is student loans totalling approx. $72000 also the rental needs some work and renos before I can sell it.
I cant refinance as I don't have enough equity and I hate the thought of selling my investment property.
I need some advice as to what I should do....Should I just sell it as soon as I can or should I wait 4 years until there is more equity then sell or should I still keep it and continue to slowly chip away at my debt?
The debts and interest rates are as follows:
LOC #1 =$36000 @3.7%
LOC#2 =$15000 @9.13%
Student Loan 1= $8000 @5.2%
Student Loan 2=$3600 @5.2%
Student Loan 3=$9000 @2.7%
Thank you for any help and wisdom