Putting Extra Money Towards Rental Mortgage

[Lea Mitchell]

Hello everyone,

I have a rental property in which I am currently netting about a $-200/per month negative cash flow. Back story is that I got a job overseas and had to rent out my condo ASAP so that I am not stuck with a mortgage payment and a rent payment at my new location, so I essentially became an accidental landlord if you will.

It’s been about 2 yrs now and I want to really seriously start looking into R/E investment, so I figured my first baby step will be to take care of this current condo and ensure that I am at least in a positive cash flow situation.

My question is, I have about 20K cash in bonus from my day job and I am wondering whether I should put it down towards the mortgage on my current condo that way I can reduce my monthly mortgage payment, or use that money as a down payment on a new rental property.

Thanks for your feedback!!