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Updated about 2 years ago,
Paying off rental mortgage
I bought a duplex about a year ago and have about $81,000 left on the mortgage. Paying about $270 a month to interest. The place is prob worth about $130,000.
I know a lot of people say it’s smarter to keep your money to invest into other properties but I was thinking of just paying this off and then getting a commercial line of credit on the place. So I will reduce paying interest and can throw that money on the principal of my other properties.
So I would still have the money sitting in a line of credit if I needed to put that down on another property and refinance the new property and pay back the line.
Any feedback would be great.