All Forum Posts by: Justin S.

Rick and arlan

My main reason to want to pay them off is too be done "working" and sell my small business 

As for the risk of the taxes and insurance. .....to me that's not risk(subjective of course)

Thank you so much for the continued responses, it's helping me think through this decision 

Bob thank you, what you say does makes sense.

Dan,

That is some of the best advice I have received.  Thank You

Ellie- I like what you say about not postponing joy.  this decision does not have to be the best financial decision.  it will most likely be 50/50 financial/emotional

Eddie-It nets about 40k annually

Rocky- That's the part that im afraid of.  Im afraid to stop buying.  what if 100k isn't enough?

Bob,

I hear what your saying.  i didnt put this in my post.......I am trying to get out of my small business at some point in the near future.  does that change your answer at all?

I'm 38 and own a small business and 18 units.  I am at a crossroads as to what to do.  When all 18 are paid off it will bring in 90-110k(after 20% off the top for main,vacancy,etc...)      

I can live off of that. 

My question is do I start paying them off as fast as I can now and maybe start buying again when I have them paid off if I feel like it......or

keep buying more now and then sell half of them(estimate) in 10 years to pay off the remainder of the mortgages on the 18 units?

This is keeping me up at night

Any suggestions would be greatly appreciated.

Thank You

J

absolutely do it!!!

I've done it twice.   That's how you play the game.    You have to be creative 

Will that allow them to be under the LLC insurance? I'm doing this for liability purposes

Looking to transfer properties to LLC from personal without the lender calling the mortgage.
Any suggestions?