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Updated over 10 years ago,
Need advice on paying off mortgage and being debt-free
Sorry if this is in the wrong area of the forum, mods.
So I have a 2-family investment property (financed via bank) and a single-family home (primary residence) in the same city. Here are the expenses and rent rolls that I owe monthly. I am seriously thinking about selling the 2-family property because I realize the appreciation will help me pay off the single-family home in full or ~95% of it. In the end the balance will be about the same as I currently end up with. I realize if I sell I dont take advantage of the appreciation in the future the property may get me but being debt-free is very appealing to me currently, its just a mind-set I'm craving.
Just need some help with the model below. Is there something else I am overlooking? Any other expenses etc?
-INVESTMENT property
monthly rent: $5200
monthly water/sewer, property taxes, insurance: ~$540
monthly mortgage and HELOC: $2925
.
.
-PRIMARY residence
monthly mortgage : $1800
Any suggestions?