STR pay-off or keep going
We just purchased our 2nd STR and our 1st is a total cash cow. We have enough cash to pay off the mortgage on that 1st property and cash flow even more OR continue to invest that money into more of the same asset class, more STRs (we are getting better at scaling and managing but its still a grind). It's getting harder to get a good return in most markets- I run the numbers on properties daily, and will likely continue to be difficult in the coming years. In this scenario A) would you pay off your mortgage on the cash cow or B) be patient and continue to invest?
I welcome the conversation!
*these numbers do not include any repairs or supplies, which is roughly 10% each month
** I expect our 2nd property to cash flow between 2-4k a month once we fully get it going
