biophase
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I own several properties and am trying to determine my plan for the next 5 years.
I owe about $800,000 in mortgages.
I net about $2100/month total on the portfolio after all expenses.
I'm still working and can put away about $10,000 per month in after tax.
I have after tax assets of about $300,000.
Right now I'm not too comfortable with the amount of mortgage loans I have with total mortgages being more than twice my cash mortgage position.
Paying no extra on the mortgages I reduce my mortgage by about $1,050 each month. That amount increases about $5 / month with each passing month.
What am I doing well?
Wrong?
What would you do differently?
If you aren't comfortable you can:
1) Start to pay down your highest interest rate mortgage
2) Sell one property and use the proceeds to pay down/off a mortgage
I don't think you are way out of line. But if you feel that property values might go down or you will have more vacancies or maintenance expenses coming up, then maybe it is time to sell one.