Hi folks, been reading the forum for a while and decided to sign up. It would be great to get some feedback or opinions on an investment decision that I have to make.
I am 30 years old, own two studio apartments in downtown Montreal that I bought for 55 000 each (currently worth 200000). I have about 115 000 in mortgage debt but bring in 1000 a month in rental property. I currently have an offer for one of the apartments for 105000 which I would use to clear all my mortgage debt.
Would you guys take the money and run, or go long term with the real estate. As I have to wait 3 years until the mortgage comes due (to avoid paying the penalty), what should I do with the cash? I am hesitant to invest in stocks as I think we are headed for a second leg of liquidation in the coming months (I was nailed after I invested in 2006 before the crash), and GIC's pay a pittance. Any thoughts?
I am 30 years old, own two studio apartments in downtown Montreal that I bought for 55 000 each (currently worth 200000). I have about 115 000 in mortgage debt but bring in 1000 a month in rental property. I currently have an offer for one of the apartments for 105000 which I would use to clear all my mortgage debt.
Would you guys take the money and run, or go long term with the real estate. As I have to wait 3 years until the mortgage comes due (to avoid paying the penalty), what should I do with the cash? I am hesitant to invest in stocks as I think we are headed for a second leg of liquidation in the coming months (I was nailed after I invested in 2006 before the crash), and GIC's pay a pittance. Any thoughts?