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Updated almost 5 years ago,
Acquire more or aggressive payoff?
What's up BP!
I have submitted my first offer on a SFH that I intend to rent out. The purchase price of the property, and what I intend to be a similar price of properties I expect to purchase in the future, is around $70K (I will buy SFH from 70-100K). The properties are in a 20K town in a more rural area.
My question is: with my current income, I could rapidly pay down a property using my own personal funds in a 2-3 year time frame. My ultimate goal is to replace my wife's income with rental properties.
Would you:
A. rapidly pay down the properties in the 2-3 year time frame
B. use the cash to instead acquire more rental properties
Just want everyone's general thoughts. I was leaning toward A.
Thanks!
Josh