Quote from @Account Closed:
Quote from @Davin Pauline:
Hello!! We are looking for financial advice to look into our stuff and help us better decide which mortgages to pay off or how maximize the returns on our funds and give us sound financial advice. We have a tax preparer, but we feel like she doesn't have much experience in real estate to give us sound advice as to what to do in the future. I tried looking into it from the forums, but the financial advisors I found start off at 10K-- we are not earning that much that it be better if we use the 10K to pay some of the principal of our mortgage. We have 5 SFH rentals. Both me and my husband are currently working, so the excess, if we do have it, sometimes goes to one of our rental houses. Rentals have different interest rates ranging from 2.85% to 5.125%.
Where do I start looking for financial advisors?
Hello Davin,
i would not recommend you spend the extra money on a financial advisor at this stage. Working with a proactive accountant who knows real estate will give you all the advice you need and more at this stage. No sense in paying off any properties at this stage given those golden interest rates you just mentioned.
Thanks for the response. Are those interest rates good? We are looking to get more cashflow in because if we have more kids, we might only rely on one W2 income (and more on the income from the rental houses). We are not looking to expand since we also have our primary residence and paying PMI right now. Just lots of debt that I'm not too comfortable having. But yes, I feel like we don't need a finance advisor just yet, but more of just sensible tax/financial advice for some decisions to be made in the near future.
I feel like it's more advantageous to pay off one house to save on interest, HOI, and have some cushion for repairs for the rental houses. Other than losing out on the tax advantages, what other consequences are there for paying off a house?
