Owning property free and clear
I certainly understand the benefits of "in depth" analysis such as calculating an IRR and selling at the highest ROR. However, I've somehow convinced myself that I'd rather own as much property as possible and for the rest of my life. That's not to say that I'd be stubborn if the time ever came to sell, but id enjoy owning many properties free and clear.
What methods have some of you used to achieve this? 25-30 years is a long time to wait for your mortgage to be fully amortized. Also, wouldn't refinancing reset your 30 year timer? So common sense tells me I should stay away from that, although there are cash out benefits of doing so. So, I'm just a bit confused with the route I should take.
(side note: id like to invest in duplexes-quads and eventually 1031 my way up into large apartment complexes and likely stay in the commercial side of the industry. This raises the question of, how could I pay the balloon payment without refinancing?)
Any advice? Or is the idea of owning property free and clear just not recommended?
Thank you