 Payoff Mort (by Tex [TX]) Jul 17, 2019 3:21 PM
 Payoff Mort (by Ponari [TX]) Jul 17, 2019 3:24 PM
Payoff Mort (by Robert J [CA]) Jul 17, 2019 3:46 PM
Payoff Mort (by RB [MI]) Jul 17, 2019 4:48 PM
Payoff Mort (by Pmh [TX]) Jul 17, 2019 6:44 PM
Payoff Mort (by Quietly [FL]) Jul 17, 2019 11:23 PM
Payoff Mort (by MMIT [VA]) Jul 18, 2019 8:40 AM
Payoff Mort (by WMH [NC]) Jul 18, 2019 8:47 AM
Payoff Mort (by myob [GA]) Jul 18, 2019 12:07 PM
Payoff Mort (by Chris [CT]) Jul 18, 2019 4:12 PM
Payoff Mort (by Tex [TX]) Jul 18, 2019 5:31 PM
Payoff Mort (by Tex [TX]) Jul 18, 2019 5:31 PM
Payoff Mort (by Hoosier [IN]) Jul 18, 2019 6:55 PM
Payoff Mort (by Sandy [CO]) Jul 19, 2019 10:37 PM
Payoff Mort (by Tex [TX]) Posted on: Jul 17, 2019 3:21 PM
Message:
So I just paid of off three little mortgages just under 30K and have 4 left just over 100K. My question do you prefer to stock up the cash or pay down the mort debt? --161.226.xxx.xxx |
Payoff Mort (by Ponari [TX]) Posted on: Jul 17, 2019 3:24 PM
Message:
We’re in payoff mode as we plan to retire in a few years - only one to go. --47.188.xx.xx |
Payoff Mort (by Robert J [CA]) Posted on: Jul 17, 2019 3:46 PM
Message:
Over the years owning income property, commercial real estate loan interest rates have fluctuated between 5% and 16% on average. When rates exceed 10%, I pay them off ASAP! When rates are close to 5%, I keep those loans. And anything in between is subject to needs, cash flow, age and needed write-off's. --47.156.xx.xx |
Payoff Mort (by RB [MI]) Posted on: Jul 17, 2019 4:48 PM
Message:
Congratulations !
Now ya know what 3 paid off (rentals) feels like.
Try to imagine having all 7, Mortgage free.
Now add 3 more paid off (rental) properties to the equation.
In the meantime, or 40 years later,
ya kept fixing up and selling your Primary Residences
until your hammer hand doesn't work anymore
and your 2nd wife is about ready to rendezvous with the
Cable Guy. (Used to be the Milkman)
Then ease into retirement
with a smile so wide, Jimmy Walker would be jealous.
What was once a dream, is now reality !
Stay focused and die broke.
--184.53.x.x |
Payoff Mort (by Pmh [TX]) Posted on: Jul 17, 2019 6:44 PM
Message:
Tex: no one can answer that for you bc no one knows your circumstances. for ME I have no intentions of paying off my mortgages. all at between 3.50 > 3.75 on 30 year fixed (all sfh)...cheap $ and certainly I would not want to lock $ (if all paid to zero) into what could be illiquid assets. I go for cash on cash returns. These range from 25-35%. That is how you make $. not paying off mortgages....at some point I will sell all my houses to the kids & move to Tahiti. --107.77.xxx.xxx |
Payoff Mort (by Quietly [FL]) Posted on: Jul 17, 2019 11:23 PM
Message:
I have the cash to pay off my primary home; but I continue not to. The interest rate is 4.75; I make more than that by keeping it in the 'market' AND keep my powder dry and it is available if / when another nice property comes up. I do get frustrated as I hate paying interest; however - the next nice one that comes up - I'm in, all cash, no drama. --107.202.xxx.xxx |
Payoff Mort (by MMIT [VA]) Posted on: Jul 18, 2019 8:40 AM
Message:
It really depends on your specific situation, but, as a general guideline, pay the mortgages off as soon as possible.
Paid for real estate throws off massive amounts of cash.
If a good deal comes along and you do not have the cash on hand to buy it, you can get another mortgage. --70.188.xx.xx |
Payoff Mort (by WMH [NC]) Posted on: Jul 18, 2019 8:47 AM
Message:
We have one mortgage left, paying it off would "save" us less than $800 a month on building that grosses around $4800.
We prefer to have cash in the bank, liquid, than in the house as equity.
That said, we paid off our personal home and other mortgages as well. But we won't pay off that last one. Doesn't make sense. --50.82.xxx.xx |
Payoff Mort (by myob [GA]) Posted on: Jul 18, 2019 12:07 PM
Message:
When we were buying (younger days) we financed everything to the max. So we could keep buying of course. About 8 years before our projected retirement we picked the 18 properties with the most equity cashed those out (sold) and paid off as many properties as we could with the cash out. That was about 2001. The mortgages that were left-- each year we would target the property's that afford the best return on the payoff.
So as a guide-- if we paid off 3 and that returned 2000.00 a month those 3 were selected for pay off. Not the 2 that only returned 1200.00. We are down to our last 2. We paid off 3 more the beginning of this year. --99.103.xxx.xxx |
Payoff Mort (by Chris [CT]) Posted on: Jul 18, 2019 4:12 PM
Message:
My mortgages are paying off around when I turn 50-55 which is fine for me. I will either keep or sell and live off the returns. --24.45.xxx.xxx |
Payoff Mort (by Tex [TX]) Posted on: Jul 18, 2019 5:31 PM
Message:
RB Actually I have 12 paid off now.....may I will just stock up on the cash...I am hoping to separate from w2 next year God willing. --161.226.xxx.xxx |
Payoff Mort (by Tex [TX]) Posted on: Jul 18, 2019 5:31 PM
Message:
RB Actually I have 12 paid off now.....may I will just stock up on the cash...I am hoping to separate from w2 next year God willing. --161.226.xxx.xxx |
Payoff Mort (by Hoosier [IN]) Posted on: Jul 18, 2019 6:55 PM
Message:
We don't believe in debt on rentals, unless it would happen to be at 0% (not likely). We pay cash for all rentals so never had a mortgage on one. All ours are owned free and clear. --99.92.xxx.xxx |
Payoff Mort (by Sandy [CO]) Posted on: Jul 19, 2019 10:37 PM
Message:
It depends, tax wise it usually makes most sense to hold mortgages, this lowers your taxable income. (As long as the loans are low interest rate loans). And with inflation you’ll be paying back the loans with cheaper dollars.
Another strategy is if you own, say 5 sfr’s. And you cash out refinance one per year and cycle through them every five years. That re-finance money is tax FREE money. Which can be a nice advantage.
Also, with mortgages there is less equity (money) for any lawsuit happy attorney to pursue.
Just some thoughts. --75.70.xx.xxx |
Reply:
|
|