Asked by Teo See Hwa

I have 2 Condos and 1 HDB, 1 condo rented out for 4k, HDB rented out for 2.8k, and I'm staying in one condo, I'm 55-year-old next year with an outstanding loan of 1.5 million. What should I do next?

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    • HC Tang, Financial Enthusiast, Budgeting at The Society
      329 Answers, 793 Upvotes
      Answered on 03 Oct 2018

      Do what you've been doing. :)

      I believe you use the condo rental income to pay for itself for the one rented out.

      So does the HDB.

      There should be balance from the HDB rental or some from the condo to help fund the condo you've been staying.

      So continue to do so and work part time if you want to or do whatever that makes you felt fulfilling (voluntairy work, teach someone something you know best but they donno, just like Seedly) since your property mechanism are more or less self-funding and you still have CFP retirement $ for retirement.

      Thus enjoy life now with what you have, enjoy the time with your love ones and so on :)

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    • Serene Toh
      33 Answers, 67 Upvotes
      Answered on 03 Oct 2018

      Need more info:

      Do you have any Cash, or equity that can help lessen your loan?

      Any emergency funds?

      Are you planning to retire after 55?

      Can the rental income cover your expenses plus all mortgage?

      Any insurance to cover incidents?

      From the Question you posted, it sounds like you are just asking if you should sell 1 of your property. Basically you just need to assess if you can afford it.

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