Pay off mortgage and snowball?
Hey everyone, I accomplished my goal of getting my first rental property under contract by the end of 2017 and I close on this property soon. I have been calculating the best way to grow my portfolio, but I am curious if anyone else has worked to pay off the mortgage completely and then saved all the additional cashflow for their next property?? Then repeat for a snowball effect. Obviously would be a slower process, but would create very little debt hanging over your head. Let me know your thoughts. Thanks!
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You could do it your way but I’d recommend a bit of a hybrid model. Acquire 8-10 rentals and then start paying them off, using the combined cash flow to put towards one mortgage. If you have a day job you could combine both and make it go even further