57 years old and just started buying rentals. Any ideas?

[Duane Whittaker]

57 years old, recently gave up on 401K (interest rates are terrible past few years) and got 1 family home rental. A more stable of building wealth is to have as many rental properties as possible before I'm forced to retire from my physically demanding job, The safer route seems to be to pay off the mortgage rental as fast as possible, which I'm doing. Then, I'm not sure if I want to go the safer route and save for another rental (from the income of my full-time job and the 1st rental) or finance the 2nd rental (and have two rentals and my income pay it off). If my area didn't have houses For Sale on the market for so long, I would fix and flip. So that option is out for building wealth and buy rentals faster. Any other low-risk options or should I stay on the track I'm going, pay as I go??? Thanks

[Jonna Weber]

Hi @Duane Whittaker - congrats on taking action.  If you can handle the lower cash flow for now...you might consider financing while you qualify from your job, and taking a shorter mortgage.  All the best to you...even that one home will make a difference, no doubt...but it sounds like you are on to more.  If you can finance 3-4 in the next couple of years with traditional financing at low interest rates, vs. 1 paid in cash, I would personally lean into that idea.