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Updated over 7 years ago,
Own 9 properties & have 2 mortgages, should i snowball???
So after reading about snowballing to payoff mortgages, Im curious if you would in my situation. I have 7 paid off rental properties grossing me $4800/mo. I have my main residence with $200k and 10 years left and a vacation home that I owe $230k with 29 years left. The vacation home is rented out at $3500/mo and I pay an extra $500 every 2 weeks on the mortgage.
I don't really need the income right now but im curious if I should be attacking both mortgages? 1 mortgage first then the other? Dont attack either bc money is cheap? Just looking for opinions here.
My thinking is take all of it and knock off the vacation home and then when thats paid off, use the money from all of them which would be $4800 + $2200($3500 gross rent - taxes-maintenance) so around $7000/mo to pay off my personal residence.
Or would you do neither and let the money build up for a year and then buy another cheap $50k or so rental home?