I almost bought a condo.

Once a month or so, I like to look at Guam realty listings, just to see what’s for sale out there, and to get a better gauge of how much my house is worth. Today, I found a condo for sale at $87.5k – 2 bedroom, 1.5 bath, and located in Tamuning – and its common area fee was only $100. In case you’re not from Guam, Tamuning is a popular residential area. I was very tempted to call the realtor and ask to see the place. I started thinking about how I can afford it by lowering my extra mortgage payments and applying it to this condo’s mortgage in the event I can’t find a renter.

So…in the middle of this post, I decided to call the realtor.

Luckily, or unluckily for me, someone had already made an offer and the seller accepted. Ah I was so close! When I did the math on Bankrate’s website, my monthly mortgage payment would have been ~$441 (5% down payment, 30 yr mortgage). That’s doable for me today; I currently pay an additional $890/mo on my mortgage. My trade-off with that plan though, is that it could take me longer than 7 years to pay off my current mortgage, and I’d be acquiring more debt. Obviously, if I did get the condo and find a renter immediately, I wouldn’t have to reduce my extra mortgage payments, but I like to think in worst-case scenarios.

To be honest, I don’t think I’m emotionally ready to get a second mortgage, but I was very tempted because if it did work out, I could achieve FI sooner. I guess the universe knew somehow I wasn’t ready yet. On the daily, I like to daydream of different ways I could reach FI sooner – start investing in P2P lending, do a side hustle, buy lottery tickets, etc – but I end up reeling myself back to reality and appreciate what I’m doing now. I make extra mortgage payments every month, invest $550/mo in Vanguard funds, and put in $400/mo in my 401k. I think I’m doing OK, but there’s always that temptation to save more faster, especially when I remember I still have 7 more years of debt. I have to remind myself that patience is key and slow and steady wins the race.

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