you are overleveraged if you are the only one working to service the condo mortgage. at your age, you should not have any loans. your $1.8m loan is huge compared to your measly $120k pa income. there are people here with income of $700k pa but staying in hdb flat and driving an asian car.
and why do you need to drive a porsche? show off? lack of self confidence? this car is a cash drainer. typically guys with low self esteem or those trying to attract girls drive such cars. you should sell your condo and downgrade to a 4 room flat and be debt free. you might never know when you will be retrenched. Quote:
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Your total mortgage loan is $567k+$380k+$380k = $1.327m. If you take 30 years loan with assumption of long term interest of 3%, your monthly mortgage is $5.6k. Your terrace most likely can be rented out at $4500 pm and your condo at $2500 pm, so total rent is $7k. After deducting your mortgage, you are only left with $1.4k per month. Don't forget you also have to pay property tax, maintenance fee for the condo and income tax from rental. You just break even. How to retire? |
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when interest rates rise, your mortgage will rise by $1000. so left with $1500. you cannot retire, still have to work whether full or part time. if you sell your terrace, and pay off all loans, maybe you can get higher passive income. the problem with landed property is that rental yield is low. another problem with having loans, you pay a lot of your income to pay for mortgages. |
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I can also work for a few more years and pay off landed instead of condo, then may have more passive income Or sell all sg props and put money in malaysian fixed deposit of 3% pa if really want to retire but kids will have to go local uni then... |
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