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Updated almost 6 years ago, 02/01/2019

User Stats

6
Posts
0
Votes
Allan Quintela
  • Boston MA
0
Votes |
6
Posts

Pay off loan or reinvest?

Allan Quintela
  • Boston MA
Posted

Hey BP! Need some advice here,

Basically as the title says, should I use my cash flow to pay off my loan or save it for a down payment for a new unit? (Reinvest)

I have 2 rental property generating a total off $2,500 a month gross income. After HOA fees, escrow...ect...I'm left with just little over $1,000 cash flow. (Assuming I pay the minimum payment)

Question is, should I throw that money towards to principal or pay off the loan? I owe a total off about $110,000 on both of them together and pay about 5.5% interest.

If there are any other values needed to know in order to give me a proper response please let me know!!

Thank you

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