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Updated almost 2 years ago on . Most recent reply

Brian Comstra's profile image
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Brian Comstra
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Starting Out

Payoff or get a loan?

Brian Comstra
Posted

First post! I just bought a townhouse 2 bed, 2 1/2 bath. Bought for 55k. I took a 45k personal loan at 36mth at 12.12%. Renter in place at 850 a month. Pays all utilities. I can pay off the loan in 11 months. I can also finance it and cash flow about 600. What do I do? Payoff personal loan in 11 months and subsidize or get a loan and cash flow immediately? Trying this buy and hold.

Montgomery, Alabama
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Joe Villeneuve
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Joe Villeneuve
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
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Get loan, payoff LOC, keep mortgage in place for CF. Your cost then is only the DP.

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