All Forum Posts by: Chase Cline

@Levi T. you are correct and we realized that a few years later.  However, we just bought an identical unit in the same complex for $25k less so we got a great deal, but the bank only let us have a 15 year mortgage on it as an investment so our monthly costs actually come out about the same. How do we address that?  It's great having $50k equity in it for sure, but the monthly cash flow is the same issue as the other one.

@Scott P. "It seems to me that you simply tried to do what is likely a wise thing: pay down some extra on the debt. But, you didn't think to hold back some $ to pay taxes on the income you received and used to pay down that extra on the debt." - Bingo. 

@Joe Splitrock you hit the nail on the head. Thanks for the thoughtful post and now I know what not to do on the other properties!

@Chris Connolly exactly and that’s where I’m at...

@Mark Whitted yea that wasn’t the best idea, but you learn as you go and now I know! Dave Ramsey would be proud though LOL

@Carli Cummins yes of course!

@Matt Groth thanks for the response. “I will change my mind when renters pay off my mortgage.” Yea not sure about that. $150k property paid off 30 years from now. I’d be making a whopping total of $5k/year and spending 10-20 hours a month on it. What makes it worth it? Even if I get incredible appreciation and it’s worth $300k, that’s still only $10k/year. If it was a $1M property then yes. I agree, it sounds amazing in theory, but theory doesn’t factor in my time spent managing it.

@Ron Hunter yea but only ~$5k... 

@Account Closed really appreciate the detailed response. I just copy/pasted that into Word and will be referencing that for a while. Thanks so much! 

@Anthony Wick yea I think I'm just overreacting. We did get some nice principal pay down so I guess it does cancel the tax out. Just hate paying Uncle Sam!