Pay It Off vs Keep the Loan

[Keith Carey]

I am just beginning to invest and through discussion with friends there's always the talk of "having to pay it off ASAP".  I was wondering thoughts from BP People.  Is it better to keep the debt as long as someone is paying it? Or should we pay them off "ASAP"??

Thanks and I hope everyone is having in incredible investing journey!

[Account Closed]

It depends, it always depends. What are your goals with not just the property but your REI in general?

Like @Joe C. said if you are planning on expanding your portfolio than having cash on hand to buy more properties is more important than paying off debt, “leveraged asset”.

Maybe you have a low tolerance for risk or don’t like to have any debt, if that’s the case, slow and steady and pay off the property and move on to the next one when you are comfortable.  

     I’ve learned very quickly there is no actual wrong answer to this question, because each person asking the question is completely different experiences and desires.