Updated almost 7 years ago on . Most recent reply
Beginner Rental Property Investor
I would like to say that I am very excited about my new journey in investing into rental properties to obtain a residual income of 10-15K monthly. I am using my line of credit (LOC) currently to pay off 2 auto loans 15k to increase my cashflow. This should be paid off in 5 months, I will immediately use my Cashflow to pay the principal down on my mortgage which is around 303k (which desperately needs it). I Figure this should be paid off by 7 yrs using the velocity-banking strategy. My question is? should I use my LOC to continue with paying off the 303k mortgage which I can get a LOC every 6 mths so for yearly 30k to pay on principal or should I get a LOC to put down on a new rental propriety to receive more cash flow? Me and my wife are scared to purchase more than one unit because we are new and not knowing what to do or how to handle it. I thought it would be smarter to pay the mortgage off and use the mortgage as leverage to purchase maybe 3-4 rental properties what are your thoughts.