Exit strategy for commercial loans

[Joe T.]

I have a few commercial real estate loans which are fixed rate for 5 years on a 20 year amortization schedule.

My lenders assure me that at the end of each 5 years, I can get another similar loan with the prevailing rates.

The problem is that I would be on the first 5 years of a 20 year amortization schedule every time- which means that I’d be paying mostly interest. It would take forever to pay off this mortgage.

What should be  the general strategy here?

 These properties are meant to be my retirement. Should I aim to get Enough cash to pay them off? Or should I sell them at some point?
Unclear what the best exit strategy is, or whether I should think of it as cash flow and not worry about the fact that I will barely ever touch the principal?

[H. Jack Miller]

Chris a quick story. That says it all. First, I am not selling anything. Most people who say they are real estate experts, have not survived challenging times. The last 10 years or so has made everyone a hero. Most have not survived the global melt down of 2008-2011. I have and like everyone else who survived I was beaten up bad. 

To put thinks in prospective I just turned 60, when I was much younger I am guessing 30 years or so ago I met someone who I think was 70 at the time who started investing with me, after some time, it was clear he had real wealth. One day I asked him how did you accumulate so much money and cash flow. He said it very simply, I started buying real estate when i was young, before you new it if was paid off and I was wealthy. He told me what I said, buy good real estate, let the tenants pay it off and dont die. If you do this, you dont have to get fancy or complicated but be steady and if you dont die you will become wealthy.  

I can tell you story after story of what happened to me and how this effected me. Some seems nuts, but real.