I'm 99% sure this actually depends on the actual numbers involved, including the time horizon and goals (IE: Paying a higher interest rate may add the most value, but it doesn't add cash or DTI changes, like paying off a property very quickly, which may be worth more depending on your goals, and if you're talking about gains in the next year vs. gains in the next 20 years... ect.)No fast answer here I am afraid, but most likely you have the general idea already down.... though the question is: If you have some high interest loans have you already tried to refinance them?

Fast forward to today, and I am thinking about taking cash out of my properties to fund new investments.I bring up my personal situation to underscore it all depends on your goals, risk appetite, equity capital, and investing horizon.

@Mark NolanDefinitely look forward to expanding my horizons. 

It respects the animal too.Truly hope this helps to put things into perspective in the ever shifting horizon we are all trying to navigate.

A lot of the usefulness of real estate investing will change depending on your "drawdown horizon" moreso than age. 

I wish there would be but I really don't see that on the horizon.

I also know several long-term buy and hold investor who have retired on the cash-flow they generate from their free-and-clear assets who also hate the idea of leverage.There is no one-size-fits-all real estate strategy, and depending on your goals, time horizon, risk aversion, etc, leverage may or may not be for you.Paying all cash then having to do repairs for a gross rent of $950/mo does not seem to be the "highest and best use" of your funds.Assuming NOI of 50% of gross rents, cash-on-cash return for this deal would be about 10%.

The smokies are the best market to be in if you buy a good deal, have a long time horizon, and don’t over leverage yourself.  

The mls also talk to property managers as they usually work for clientele controlling large portfolios and usually have something there selling further more you may have to broaden your horizon and venture further than around just in your area the deals are out there they just must be seeked out 

That could mean higher oil prices on the horizon.