JJtheNav
Dryer sheet wannabe
Hi, I'm looking for some advice on paying off an investment property early. I know there are a lot of variables, I'll try to give you the picture: I have 3 rental houses, the one in question has a 15 year mortgage at 5.25% with about $65k left on it. I take a small loss on it every month, but it has a long term tennant and a good rental history. I have about $50k cash that I could put towards the mortgage (or invest it?). I've asked a few real estate investors the same question and they suggested that I refinance it with cash-out and go buy 3 more houses. I'm not sure that's what I want to do, because each house only makes $250 - $300 month in cash flow - but by me paying off just one I can earn close to $1000/mo!
Anyone with some advice on this one? Does it make good sense to pay it off? Should I invest the $50k elsewhere and continue to let the tennant pay off the mortgage?
Some additional info: I retire from the military in 2012, so this extra $1k + my pension would give me a little over $4k/mo. Goal: Retire ASAP!
Anyone with some advice on this one? Does it make good sense to pay it off? Should I invest the $50k elsewhere and continue to let the tennant pay off the mortgage?
Some additional info: I retire from the military in 2012, so this extra $1k + my pension would give me a little over $4k/mo. Goal: Retire ASAP!