Updated over 3 years ago on . Most recent reply

What is the best way to pay down your first property?
I just purchased my first rental property this week. I put 20% down and my loan amount is not too bad. My question is, should I take extra from the passive income to pay the loan down faster in an attempt to acquire another property faster or just make the minimum payments and be patient? I also have recently gotten a HELOC. I have had some people tell me not to use it unless I can pay what I borrow within 6 months. Others have told me I can use it and then refinance. I am brand new so I would love different opinions. I met with my realtor and have created a 5 year plan but I would like to accelerate it if at all possible. Maybe I am just being to impatient. Any advice would be appreciated. Thanks everyone!