Ohio Real Estate Investments

[Jesse Ferguson]

Hello all! I am somewhat new to investing, I have read a lot of books on finances Psychology of Money, Rich Dad Poor Dad, The Book on Rental Property Investing ect... I understand the basics, I am hoping a local investor can give me a second opinion in my situation.

Me and my wife own 1 rental property in Lebanon Ohio (our first). We lived in this condo while we renovated everything. It is now worth 130k (in my opinion) We will have it paid off and are looking for the next condo, also might be interested in single family / multi-family homes. In this current market I am honestly just looking for a good deal and open to several ideas. With that being said we are not wanting to overextend ourselves.

1) how big of a loan should I consider?

2) should I try to pay off that loan ASAP or just pay the minimum and get more condos?

Just looking for a second opinion!

Thank you!

[Randy Rodenhouse]

How fast you pay down your mortgages depends on your rate and terms of your note and of course personal preferences.  I would ask myself what is the rate of return on your money if I use it to payoff the property (usually the interest rate on the note) and can I do better investing that money somewhere else.  So lets say you interest rate on loan is 4% and you feel confident you can make 10% on buying a note or doing private lending or buying another rental then better to not pay down the loan and use the money to invest elsewhere.