I paid off my house best feeling ever!!!

Wow! You described my path. When I was 35-ish I bought 6 rental condos and then snowballed them to pay them off. I used leverage. It was a bit risky, not super risky, and it worked out great. Every month I put extra to the smallest mortgage debt. When 1 paid off I added that payment to the next condo payment. All paid off by age 60. Now at 63 I have 8 rentals. I like that I had 8-16 people (couples) working to pay off my condos and make me money! Worked!

Nice work. Thanks for walking through this.

Another great example. Love these real life scenarios that you share. It makes the unknown to us new folks seem achievable. Keep 'em coming. Thanks Coach!

Thanks Chad! This was helpful to see how you thought through this.

Thanks Chad! One takeaway I got from this is the ROI of paying off a loan early is higher if the principle is partly paid down. Helps me think about when to start paying down my loans. It might be worthwhile to keep my savings in equities and wait a few years to pay down debt, until I really need the cash flow

Congratulations! I’m excited to be paying off the remaining balance on my rental property this year. 😊

Job well done Chad!! Congrats. 👏 You share really useful information and great ideas. I am consistently inspired by the concepts you discuss.

This is awesome congrats. I’m in the process of doing a mortgage recasting on one of my property’s. I owe about 77k on it and about to put 50k towards it. Hopefully fingers crossed the remainder will be paid mid summer. Wish me luck!!!

Awesome! Great strategy to increase your cashflow.

Congrats on paying it off! There is nothing better than paying off loans and getting releases of liens! Financial Freedom!

Great video, I enjoyed it 👍

Thanks. Enjoyed your video. I have a small townhome I’m currently renting out. I still owe $57,500 and am constantly watching videos on motivation to stay focused on getting it paid off. My goal is 4 years. Thanks for all your information.

Nice! Congratulations

Another great video. I like your down-to-Earth approach, genuine desire to help others and-having achieved a lot already…-your humbleness to talk about your journey. My wife (52) and I (53) started on real estate recently. We are precisely debating whether we should use the cash flow from our rentals to pay down/off their mortgages. I am leaning towards that route whereas she thinks we should add the CF to the money we save every month. We don’t necessarily need to rely on the cash flow to continue growing the business. We are looking at possible retirement in 10 years. The rentals (5 units) are cash flowing well (about $28,000 total, annually). If we damped that into the mortgages (158k and 175k) respectively) we could pay them off in about 7 years. What do you think? Use the CF to buy more real estate (even though we are already 52 and 53) or pay off debt? Or use the CF to make contributions to retirement accounts?

Good job! I’m just up the road from you, Greenville/Simpsonville area. I have one paid off and I’ve got a laser focus on paying off the next one, and then the next one, etc. Reducing debt, increasing net worth and increasing monthly cash flow all makes sense to me in these uncertain times! Eventually, and ASAP, with 6 paid off and my primary residence paid off, I’ll consider that my “rock” or “foundation” to enjoy financial independence on any given month. Then, as I continue to grow with future investments I’ll manage the equity positions and debt loads carefully, but I’ll never mess with my initial 6 house “foundation” that is paid off and cash-flowing handsomely! “Snowball”, or, I call it the “bully method”! 😂 All hands on deck, to “beat down” that one mortgage, until it’s paid off!

Well Done !!!

I am looking to get 93k paid off of my 300k portfolio, 3 units. Have been able to do 5k a month toward the principal of my HELOC per month for the last 4 months or so. Paying off the HELOC is cool because it pretty much instantaneously drops my payment. PMT was around 450 not its around 280 and dropping. Want it for the same reasons as you, decreased risk and increased cashflow.

Great info Chad. I do the "house debt snowball" too. I do it a bit different though as I wait until cashflow builds up to $10,000-$20,000 and apply large chunks of cash to my smallest mortgage. It seems to keep me motivated more often than waiting for balance to grow larger than entire mortgage. Is there an advantage or disadvantage to this method? I am trying to get 20 houses paid off in the next 5 years. If I purchase more than that I would be good with mortgage debt as long as I have the 20 houses free and clear bringing in plenty of cashflow.

Congrats Coach! Did you choose to pay this one off based upon a higher interest rate or smaller balance compared to your other rentals? Thanks!

It sounds like your primary motivation for leveraging the debt snowball method and paying it off was to increase cash flow. What is your rationale on not using that money instead to buy additional leveraged properties? Your cash flow would probably be higher than opting to own existing properties free and clear.

Hello Coach,, I have cash to pay off only one of the 3 homes i have,, two are rentals, other is my residence...do you have any suggestions on which to pay off?? Interest on the two rental is 3% and my home,, i can refy right now and get it for about 2.375%.. Just need you input.. thanks.. and congrats on paying off your debt.

My goal is to pay off my mortgage in 5 years

Cool. I have a rental single family home paid in full. Banks only offer 65 percent loan to value on a heloc which it is not enough to pay cash for a rental house in my area. Is there any other loan type that would offer more money for my rental? Thank you.

Hey coach, I have a question. Since you paid off that mortgage, how would you take advantage of the tax write off with the rents you recieve? Wouldnt you end up paying more taxes because you are cash flowing more?? Because you wouldnt be writing off any interest.

Coach Carson I have a question has a real estate investor how do you cover yourself with health insurance not being a W-2 wage earner.

you mention $860 per month of mortgage. Per year, that would be 860 * 12 = 10,320. Your principal was 68,216. The yearly payment of 10,320 is about 15% of 68,216 (10,320 * 100 / 68216). That sounds quite a bit high, if your interest rate was only 5.5%. Was curious if I am understanding the numbers correctly?

But if you paid your mortgage you wont you have practically nothing to deduct against the income? In other words you will owe a lot in income taxes?

I'm all about paying off rental properties. I'm not open to cash out refinancing and buying more. Life happens too much, covid for instance, recessions, it's better to have equity. My strategy is save 20% buy a property and have no more than 3 mortgages. Once I pay one off buy another. That's just my risk tolerance and it's comfortable enough for me to sleep at night.

Do you then register the title as clean or does the lender?

Im thinking of Refinancing my Property to lower my interest rate and payment. But is it possible to refinance my property So I can pay off a Rental property???

I just paid off my house after 9.5 years.

That intro is clean

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