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Updated over 8 years ago,
What would Grant do?
Thank you for reading my post. Reason for my subject line is because I would like to ask Grant Cardone this question but I know that would be pretty difficult to get a hold of him.
The townhome I currently live in is in Doral, Florida. It is an area of Miami that has fully recovered from the 2008 market adjustment and where there continues to be new development of high end residential and commercial development as well.
I purchased in 2011 for about 215k and have been paying a bi-weekly amount that would have it paid off by 2026 (when my oldest daughter graduates from high school). I figured that eliminating a mortgage payment when my first child goes into college would he a good financial move.
I currently owe about 172k and it is worth about 330k today based on recent comps. So I have lets say 150k in equity to be somewhat conservative.
My monthly mortgage plus taxes and association is $1690 and I could probably rent for $2100 - $2300.
I like the idea of having a paid off home (townhome in this case) in my neighborhood in 10 years. One reason is because I am in the medical sales field and the older I get the more difficult it is to get hired if God forbid I were to lose my job (I am 34 now).
At the same time I don't want to be kicking myself in the butt in the future when the market readjusts again and I realize that maybe I should have readjusted my plan and sold in 2016.
I don't feel like I need the 150k right now because I have a good amount of savings that I am not doing anything with anyways (not because I don't want to, just haven't had the time to really explore in depth what I can do investment-wise).
What are your thoughts? Given all this info and your knowledge and experience of the market, what would you suggest I do?
All input is appreciated. Thanks in advance.