Consolidate or keep my loans seperate?

Question

I have a total of 34 rental units to date since my first duplex purchase in 2007. I have bought most of my rentals one by one and mortgaged each one as I have went along. I only have 3 single units paid off so far.

So bottom line is I have about 10 separate mortgages I pay each month. I have a couple loans with 3 houses bundled together. Just curious what the opinions are on lumping my remaining mortgages together or just staying the course of where I am today and paying them as they are. What are the thoughts out there?

Account Closed · Answer

Thanks for your thoughts. I have never called to see if we could try and sync the due dates each month which would be great!

Account Closed · Answer

No I am not a fan of auto pay. I actually manually pay them all each month which many are due different dates each month. Some are monthly statements in the mail, some are payment books, some are auto withdrawals.

I was just curious if anyone really thought there was a benefit to have just one payment or many small payments. You gave some good tips in your first response!

Account Closed · Answer

I do like having the option to pay additional on just one property and try to knock another loan down. My headache is the multiple transactions each month and tracking them. It not to big of a deal just more of a pain to me. I was just curious as to what others do.

Nicole A. · Answer

Ahhh don't like the autopay! That makes life so much easier! And it sounds like you do have a few autopays (auto withdrawl) Why not just set them all up that way? Or if you're whole-heartedly against that, maybe the bank would be willing to adjust the due dates to be all the same. Can't hurt to ask.Someone else might chime in with a benefit of one loan, but I feel it gives too much power to the bank.

Nicole A. · Answer

What do you mean by tracking them and dealing with the headache? Are they all on auto-pay?

Nicole A. · Answer

So if you have one blanket loan for all of your properties, you lose some control. It is difficult to sell just one or a few properties because they have to be released from that one loan. And what if things go bad and you fall behind on payments? If one loan covers all the properties, wouldn't that mean they'll foreclose on your entire portfolio? I personally wouldn't do just one loan for all my properties. What benefit would lumping them bring you anyway?