All Forum Posts by: Christopher Mitchell

Thanks for all the great responses guys! I needed that affirmation that it is more profitable to engage a second property if the cash is available. Part of the reason fueling my desire to accumulate another property is definitely the low interest rates currently available! I really appreciate the responses the community offered especially since this is my first post! All the best with each of your real estate forays! 

@Anthony Gayden I knew that paying off the mortgage would be limiting myself, just needed that confirmation from someone, that I was in fact limiting my potential. Appreciate your input!

@Sara N. Thank you! It's a VERY low interest rate 3.5% I like your idea, of buying a place where the unit needs some TLC, just needed that second opinion of someone who believes I should jump onto a second property :) Thanks for the response!

Good Morning BP Community!
I graduated from college about 6 months ago (debt-free), and have been lurking on the BP forums for quite some time. You guys inspired me to purchase my first townhome! Currently, I am using House Hacking and have a little less than 100k left on the mortgage. Over the coming months, I will be receiving an inheritance, (approx 50k) and was debating on whether I should use this money to help pay off the current mortgage, or take the money and use it as a down payment to purchase a rental property?

An additional concern that I have is:
Parents are telling me to pay off the mortgage, save for another down-payment, and purchase a Single family home in the future. This is solid albeit, very conservative advice, and I fear that by going this route I may delay my progress to reaching Financial FREEDOM!

I was interested in learning what the community might have to say about the topic.
I eagerly await your opinions!