To payoff mortgage or hold cash
My property’s are in Grand Rapids MI area.
I'm 57 yr old with $125k W2 job. I own three rental property's. 2 SFH and a duplex plus my home.
My question is, should I pay off the $65k balance on a SFH rental property.
It would increase cash flow by $600 per month / $7200 per year / $72,000 over 10. Plus eliminate $13,000 interest over the 10 years remaining on mortgage.
The market here is high priced.
I would always have the option to cash out refinance in future if I found property to purchase.
I do also have additional 175k cash.
What would do?
Most Popular Reply
I think this question is usually answered by - what makes you happier, having the extra cash for more deals or paying off the debt. For some paying off the debt is worth more emotionally than the actual savings of using the cash to buy more.
Best Wishes, SD