15 year term @ 6% what do you think?

[J Berk]

We are purchasing a seasonal retirement community from current owners with owner financing. 385,000 for 15 years @6%. NOI is 50k We do not plan on buying any other investment property. We have the means to pay it off early. Should we use some of our own money to pay it off early and save on interest or just let the place pay for itself?

[Kyle Hipp]

It does not appear you have figured in vacancy expense nor capital improvements. If you are looking for an investment this is probably not it. However if you are looking for a place to through some money nd to work for the next 15 years until you loan is paid off then it is not the worst as your motive is not to make money but spend it on something you enjoy