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Small but mighty vs expanding the portfolio
Alright looking for some insights and opinions. I have a low price SFH LTR. I owe $84,000 on the mortgage. It currently cash flows $300 a month on a $1200 a month rent. Debating on what strategy to use as I try to grow my portfolio. Asking for the plus and minus of these 2 options.
Option 1: Save cash and pay off mortgage. Thought is triple+ cash flow with just one insurance, maintenance, and management cost. Take out HELOC on property and use that to continue to invest.
Option 2: Purchase additional properties and build portfolio
I know that there are some tax implications to no having the mortgage payment to consider. Other then that I'm wondering on the downside of option 1?
Please share any and all thoughts
Thank you!