Free and clear vs mortgages
I have been talking to fellow investors about wether it is better to own property free and clear or have some kind of money against a property even if it is a line of credit. Tax purposes is the answer I get when I try to dig a little deeper into why that is. I am new to the real estate gig so on my first buy and hold property I acquired I was able to take out a 5 year commercial loan on. The rent covers the mortgage and I will be free and clear in 3 1/2 more years. Then I would like to purchase a similar priced property and in my mind with 2 rents paying towards it I would be paid off twice as fast. This makes more sense to me but as I said I am new. Any advice would be greatly appreciated.
Tony