Pay it down fast vs pay it down slow

[Jaxon Pearl]

I and 2 family members own some rental properties. Our current strategy is to pay them down as quickly as possible and to not take any money or distributions for ourselves until they are completely paid off. For one property, it should take 7 years. Meaning, in 7 years, the entire loan (100% leveraged) will be paid back. Another property is looking at 10 years to do this, and another 15 years to do this.

Wondering if anyone has strong opinions on the pros and cons of paying your property down fast vs paying it down over 20 - 30 years. Thanks.

[Joe Villeneuve]

Pay it down as fast as the tenant pays it down for you.  When you add money out of you pocket, whether it's fast or slow, is a cost to you...not a savings.  Let the tenant pay down your mortgage by using the rent to make the mortgage payments...without adding any extra.  Take what you would have added, and buy a new property with it instead.