Pay Off STR or Invest in Another Property?

[Kiley Costa]

My husband and I are trying to decide whether or not to pay off our first (and only) STR in Palm Desert. We bought a 1 bedroom condo in July 2024. November has been our only cash flowing month (barely), but we anticpate cash flow from Jan-April '25. Interest rate is 7% and HOA is high ($760). We're trying to decide whether or not to pay it off or save to buy another property. My husband leans toward paying it off which will eventually provide passive income for re-investing. I'm torn and eager to dive into another investment that will cash flow year round.

Any and all advice or thoughts are much appreciated. Thanks!