All Forum Posts by: Todd Mason

@Julie Sisnroy that’s a good thought thank you Julie!

@Alexander Szikla the two rentals are at 3.25%. I haven’t been able to lock in my new house yet. We were hoping to get 2.85% but now as rates climb and we’re still not able to lock probably gonna be about 3% I’m figuring

@Joe Splitrock thank you Joe! I am really start to get a solid picture of what to do with all the help

@Bob Norton thank you so much! That is such a clear and understandable way to put it. Great advice I really appreciate it 🙏

@Max T. That is a great strategy for paying down the debt. I like those options. All about how much leverage we’re comfortable with going forward. Thanks Max!

@Jay Hinrichs thanks Jay! I have jumped the gun a little bit. By the time I move I still will only have lived in my current residence for 1 year. Although I do have substantial equity I'd have to 1031. Right now Boise ID is a hot STR rental market with all the folks coming to check it out for relocation though

@Evan Polaski thank you!

@Joe Villeneuve thank you so much Joe that helps a lot! I appreciate you taking the time to respond

I’d like to get some advice as to what would be a better strategy....

I am in the process of building a new home to be my personal residence.

I will turn the current home I'm living into a STR

I also have one other LTR which cash flows nicely at current numbers and the STR will cash flow at figured numbers as well.

My wife and my goal is to simply reduce debt between the three properties as we don’t plan on buying anymore. We do have the ability to start putting big chunks of money down toward principle.

My initial thought was to “re-cast” the loans on the rental properties so they would be cash flowing more as the payment would be reduced. Then use that money to pay on my personal home mortgage.

Is there any reason to do the opposite? Pay down personal home loan and keep the rentals where they are?

Any advice would be greatly appreciated!!

@John Lyszczyk thank you that was great and answered a lot of questions! We got into contract on a new build right after the spike and it added about $10K to our price out here in Idaho so we definitely felt it. Sounds like we still got in good then if it will continue to rise though