Agreed. Even if you have property management, there’s still a lot of responsibility behind the scenes! It’s an exaggerated story – exposing cash-out refinances as a great tool in retirement.

Awesome! Having no debt definitely gives you peace of mind. And as the old saying goes: “A heart free from care is better than a full purse”.
Have a great weekend! – Joel

What a coincidence! Yeah refinancing now is a great way to lock in rates… But if you don’t have another investment planned for the money you are taking out, then it may be better to play it safe and leave it paid off. It’s a difficult decision right now given the market. I don’t blame you for being hesitant.

So funny that you had this specific reference! I bought for exactly 75k in Chicago Il and the condo makes enough to pay itself off in exactly 15 years. This CAN be done even in a pricey market, because the rentals are so much higher. I don’t have a mortgage on mine, but with the rates the way they are, I’m thinking it might be smart to cash out and invest. Just hesitant to pull that plug for some reason…

Yeah, we better make sure Uncle Dave doesn’t read this post.

Cheers MHG,
I like that you buy things in cash. Leverage is great, but security sometimes is better – especially with smaller places.
Great point about the winners and losers. Gotta always consider that some of the properties will not perform with way you think they will. Not planning for failures can throw your plan off track quickly!.
Cheers, Joel.

Yeah, 15 is tough to manage. It’s more about using debt as a tool, and equity as a source of income.

Short term rentals are becoming very popular, and they can be really profitable too (although the current pandemic made things challenging). Whenever my wife and I travel we prefer house rentals over hotel stays. More room for a similar or cheaper price.