Putting Extra Money Towards the Principal of Your Mortgage

[Thomas O'Donnell]

I am looking for some advice on if I should make extra payments per month specifically towards the principle of my mortgage. I currently own a duplex and live in one side. I used 0% down financing in order to get this property, so my payments are higher than most and my interest rate is not the best. However I did buy $14k under what the property was appraised for (I know that doesn't mean much). Since in the beginning most of the mortgage payment goes towards interest, should I make extra payments towards the principle (was thinking of 10% of the monthly mortgage so $250 or more)?  Or should I instead put that money away in savings to use for future investments? My goal is to buy a 4plex property sometime in 2023, and then move in there to house-hack again (and have a total 6 doors by the end of 2023). I am struggling a little bit to come up with a plan that can get me to that 4plex next year. Let's just assume I am starting back at the very beginning. What are some things I should be doing to make sure I can get that next property? Does it make sense to put more money into my current one and then try to pull it out later for the next one? Does anyone have some strategies of how I can get into that next property with little money or by doing something more creative than I did with this one? Any input is greatly appreciated, and happy investing!