Paying off rental

[Cameron Davisson]

Hi, I just closed on a property in Tennessee last month and I have a tenant as of New Year’s Eve. Does it make sense tax wise and everything to pay off my rental as soon as I can or should I just wait and have my tenants pay it off? Thank you!

[Theresa Harris]

It depends on your situation. If you want to buy more properties, you need money for a down payment. The amount you owe will also affect your ability to borrow.