All Forum Posts by: Jethro Stoltzfus

Jonathan, thank you for the response. Maybe I should have been more clear. My current mortgage rate is not super high and I have extra income that I am currently putting toward extra payments. If I continue at the rate I am I should hypothetically have it paid off in about 4 years even though it was a 30-year mortgage.

My question is do you all recommend just paying the minimum on the mortgage and then saving the extra in a high-yield savings until I have enough to put a down payment on a rental? Or would you recommend paying off my home first and then saving for the rental after my primary home is paid off?

Last year, I purchased a home with a 7% interest rate. I made a substantial down payment, so I could potentially pay off the house in about 4 years with my current income. I'm 23 years old and plan to use real estate for my retirement, but that's in the distant future.

My question is whether it's better to pay off the mortgage as quickly as possible or to buy a rental property as soon as possible.

My thoughts are that if I pay off my home, I'll have security and more money each month to invest, as I won't have to make mortgage or rent payments. Additionally, with a 7% interest rate, I'm paying a significant amount in interest.

On the other hand, if I save up for a down payment on a rental property, once I have enough to purchase the right property, it shouldn't require any additional money from me, and I'll be building equity without needing to contribute more.

Does anyone have experience with this? I would appreciate any recommendations.

An interesting question for sure. From my understanding, if you list the properties under a legal business and sell the business itself the ownership of the account isn't getting moved. It was always under the business. You are selling the business itself and with the sale of the business, the electronic assets get included.

I've heard of people doing this exact thing to circumvent non-transferable agreements. Some car companies don't allow transfers of their cars shortly after they are released. Think of vehicles like the cyber truck where you need to sign up ahead of time to pre-order and so many people want it that the value increases shortly after they are released. These companies don't want people to buy the vehicle just to resell it and make a quick buck, so they don't allow transfers right away. To get around this some folks will purchase the vehicle in an LLC and then sell the LLC, and this is not breaking the agreement.

The same thing would apply here. You are not breaking any agreement if you sell the business, and the Airbnb account is part of the business.