Pay off current mortgage or keep money free
Hi currently have a property that trying to decide if it's better to push to pay off with the money that I have set aside for future investments the
positive I see is no more mortgage payments so would be almost the same as another rental payment when paid off
con side is if a great deal becomes available I wouldn't have the money to make a purchase right a way
in the past the few rentals I have I made cash purchases so don't have much experience in the financial rentals
Most Popular Reply
I have both free and clear rentals along with 10 mortgages. I take advantage of the cheap rates right now and finance properties. Once I hit the maximum of 10 loans I snowball all my cashflow and pay off 1 loan at a time freeing up a spot to get another loan. This way you’ll have a mix of free and clear properties along with taking advantage of cheap money. It’s a hybrid approach but it lets me sleep at night knowing my paid off rentals can cover my loans in case things go bad.