mortgage pay-off
I own a rental property that makes $4550 per month in rent. Mortgage is $3000 per month
(3.5% rate). I still owe $280k on the mortgage. I’d like to pay it off in 4 yrs so I can live off the rent. Is it smarter to put extra money into paying down the mortgage or put it in the stock market or CD’s? I would like to buy another property down the road.
Terry Says
Gosh, this is complex. A 3.5% mortgage is a “gift.” I wouldn’t be in a hurry to pay it off, in any case.
And if you are planning to buy more real estate, I’d keep the extra cash in a MM fund — handy to make a low-ball offer in a recession!
