All Forum Posts by: Chris Hill

Yes 70k mortgage remaining on all three at 4.75% each. So doing it one at a time would be faster than snowball? 

Thanks for replying. Any particular reason? My goal is simply paying them off faster. If at the end of five years it’s sixes, that’s fine. But I didn’t know if one way would be faster than the other.

i've been searching calcaluators everywhere, but im sure someone would know the answer here sooner...

situation:  i have 3 properties i would like to pay off, each at 4.75% with about 70k remaining on each loan.  my other properties produce about $3K extra cash flow per month.  current payments is about $500 on each property.  I know with avalanche payment i can have all 3 paid off in about 5 years if i put all 3K into one property at a time.  

however, would it be any faster or slower to put 1k into all 3 each month?  i cant find a calculator for that to see if it is faster or slower.

(yes the best plan would be to save that 3k to buy more, but i'm covered there).  

Thanks for any wisdom you can offer!

Awesome thanks for the replies!  Makes sense to me.  However my biggest issue now that I’ll have cash available is that pricing for sfr or multi fam in my area produces zero cash flow.  Prices are ridiculous, so I’d be paying interest on the cash out because I don’t have anywhere to put it.  I’m not comfortable enough yet for oos.  How do I get the courage to do oos or turnkey?  I look at Kansas City, Memphis, etc that everyone talks about, prices are great, but I just hear horror stories...

I have 10 doors. I have lots of equity in all 10. I’m in the process of doing a cash out refi on 5 of them, to pay off the other 5. My goal is to free up 5 more mortgages in my name. This will increase my payments on the remaining 5 by about $250, but I’ll still be cashing flowing about $300 per door.

Now, I’m thinking why not do more cash out refis in the remaining 5? I would have a huge chunk of change for future purchases. Would I be over leveraging myself too much? With all 10 refi-ed, I would still have positive cash flow at the new higher payments. And then I could do a portfolio loan to buy more properties, since I would still have 10 personal loans.  Is it better to have lots of cash available versus paying off half the properties?

Good or bad idea?  How would I get I to trouble in this scenario?

I have 10 doors.  I have lots of equity in all 10.  I’m in the process of doing a cash out refi on 5 of them, to pay off the other 5.  Thor goals is to free up 5 more mortgages in my name.  This will increase my payments on the remaining 5 by about $250, but I’ll still be cashing flowing about $300 per door.  

Now I’m thinking why not do more cash out refis in the remaining 5?  I would have a huge chunk of change for future purposes.  Would I be over leveraging myself too much?  With all 10 refi-ed, I would still have positive cash flow at the new higher payments.  And then I could do a portfolio loan to big more properties.  

Good or bad idea?

I’m in the same boat

Looking to cash out refi to pay off rental mortgages 

I like idea of buying more instead of payoff, but prices are so high in my area that I can’t find anything that would cash flow

So would you pay off?

First time posting here.  I live in Ogden, UT and currently have 10 townhomes that I rent and manage myself.  My goal would be to have 20-50 doors in the next few years.   I put down payments all of the properties, very fearful at first, but now I am hooked.  I can see the potential if I can scale effectively.  

The townhomes I purchased were about $120K, and are now selling for $220K. I am in it for the long haul and would rather not sell them even though my equity has grown significantly. I like the townhomes for not having to deal with any exterior items, and I'm OK with the HOA payments.

I'd like to get more properties.  Rents are about $1200 on the townhomes, but with the townhomes now selling for $220K, I wouldnt be able to cash flow with higher mortgages.  I would love to do a multiplex or something larger.  

Is this just a terrible time to buy?

Would you recommend SFHs?  (those prices are high as well, and cash flow would be a challenge)

Bottom line, what would you do to grow now and not wait for prices to drop, if/when they do?  Hopefully I have provided enough info.  Thanks!