Pay of Rental Property Early vs Making back your initial investment
Hello I have general question.
I recently bought a rental property for $35k and put roughly about $8,000 down and put about $5,000 in repairs, mortgage payment, utilities, etc. So my total investment is $13,000. My mortgage payments are $250 per month and I am currently renting it out for $750. I was wanting to know if I should focus on paying off the property which would take about 5 years or making back my initial investment by continue to pay the minimum mortgage payment of $250 which would take about 2 years. Also, what are the pros and cons of both methods.
Thanks
BP Nation for your help