Which property should I pay off first? Need help with analysis.
I have 3 rental properties and trying to figure out which one I should pay off first. I want to accelerate the pay off and put any extra amount all towards one. Trying to figure out which makes the most sense. Can you guys help?
Here are the property specifics:
Property 1:
Property value $450K
Owe $185K @ 5.25%
Rental income gross revenue = $46K
Approximate net income (with zero mortgage) = $35K
Short term vacation rental
Property 2:
Property value $300K
Owe $171k @ 5.25%
Rental income gross revenue = $35K
Approximate net income (with zero mortgage) = $19K
Short term vacation rental
Property 3:
Property value $210K
Owe $100K @ 3.25%
Rental income gross revenue = $14K
Approximate net income (with zero mortgage) = $11K
LONG term rental (same renter for 5 years)