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Updated over 5 years ago on . Most recent reply

Belinda M.'s profile image
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Belinda M.
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Belinda M.
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Innovative Strategies

With 200k cash should i pay off my rental property or buy more?

Belinda M.
Posted

With 200k cash should I pay off my rental property or buy more properties? What are the pros/cons of one over the other? Tax savings? Long term? Thanks

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Joe Villeneuve
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  • Member since Jul 7, 2013
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Joe Villeneuve's profile image
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Joe Villeneuve
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Joe Villeneuve
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Joe Villeneuve
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  • Plymouth, MI
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By more.  No question.  If you pay off your property you're spending that money for no reason...your tenant is already doing it for you.  Before the property you paid off starts making a profit, you have to get all the money YOU spent back.  Don't add to that number...just let the tenant do it for you...that's their only job, and they do it so well.

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