REFI money to pay TAXES
I am currently in the process of refinancing my two rental properties. This should be net me approximately $45,000.
Should I pay off my backed taxes or should I buy two more rental properties?
Backed Taxes currently cost me $600/mo with a total of $40,000
Additional rental properties should net me around $800/mo
My initial thought is that I should keep rental money with rental properties. Build assets with asset monies...pay taxes with earned income. However, the $600/mo bad debt is affecting my ability to refinance a higher dollar amount (debt to income).
Thoughts?