re: How to pay down mortgage quicker?
Ok so I know most everybody has heard about making biweekly mortgage payments in order to pay your mortgage down faster. Instead of making 12 monthly payments a year you make 26 half payments or 1 extra monthly payment per year. Over time, this additional annual payment can subtract approximately 7 years off the life of a typical 30 year mortgage. The challenge, of course, is sticking to the schedule and tracking your savings so you know how much you are reallocating toward your financial objectives that would have otherwise gone to your lender.
But how could something like this work with a BRRRR? I understand that the property is being rented so if the tenant is paying the mortgage (ideally) then why go to extra trouble to pay down the mortgage faster? Didn't that extra trouble actually build your equity faster though? If you can reduce the life of your 30 year by %20+ then aren't you able to buy your next property %20 faster to keep the BRRRR going and build the portfolio quicker?
With these thoughts and others in mind - how would you go about paying more on your mortgage so you can pay it down faster so you can buy your next house faster?