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Updated over 9 years ago on . Most recent reply

User Stats

7
Posts
0
Votes
Aaron Curry
  • Residential Real Estate Agent
  • Greensboro / High Point, NC
0
Votes |
7
Posts

Pay of Rental Property Early vs Making back your initial investment

Aaron Curry
  • Residential Real Estate Agent
  • Greensboro / High Point, NC
Posted

Hello I have general question.

I recently bought a rental property for $35k and put roughly about $8,000 down and put about $5,000 in repairs, mortgage payment, utilities, etc. So my total investment is $13,000. My mortgage payments are $250 per month and I am currently renting it out for $750. I was wanting to know if I should focus on paying off the property which would take about 5 years or making back my initial investment by continue to pay the minimum mortgage payment of $250 which would take about 2 years. Also, what are the pros and cons of both methods.

Thanks 

BP Nation for your help

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