Hey BP Gang! This is my first official post. I guess I should have introduced myself in the newbie forum but I've been so eagerly busy consuming and soaking all the knowledge this incredible network has to offer! I wanted to get feedback from you guys on something I've been pondering about.
My dad purchased a triplex back in 09 here in Atlanta GA. He's a business owner and he never had full knowledge of what he was doing with the property. He somehow has managed to keep it afloat and running for all these years. He himself did the handyman work along with some friends of his. Due to his age he's slowly leaving all these assets behind and entering the retired realm. He's thinking about passing the property over to me. Currently the place is occupied with 3 families. After all expenses are paid for we bring in a total of $1000 in cash flow per month. It's been fully occupied for the past 3 years now. We used that money we saved from the cash flow to expand our current house that we all live in now. We converted our 4bd 2.5ba into a 6bd 4.5ba. This was a choice my parents made and really wanted to do.
The house we currently live in has around 68k left on the mortgage. We got it appraised for $330k. We bought the house for $151k back in 2001. My question is do we continue to pay down the mortgage, save the cash flow from the rental property until I have enough money for a new purchase or do I add a second kitchen to our current home, make that house into a duplex and find another house to live in? I am also considering refinancing our rental property so I can squeeze out even more cash flow.
As a side note, after expenses, my wife and I save around 20-25k/year. We started doing this since last year. Please share your thoughts.
