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Bloggers Marques and Shyra paid off their Sacramento home 21 years early. They paid an extra 1/12 of their payment twice per month, totaling two extra payments every year. You take your monthly mortgage payment amount and divide it by 12," Marques told Insider by email. With just 1/12 of their payment, they didn't notice the extra money they were putting towards their mortgage payment each month. They automated this extra payment to their mortgage lender so they didn't have to think about it.
Persons: Bloggers Marques, Shyra, , Black, they'd, Marques, hustles Organizations: Bloggers, Sacramento, Service, Debt Free, Marques Locations: Sacramento, Shyra
So in 2018, they used a home equity line of credit to buy their first rental property in cash. While the couple could've saved for a down payment for their rental property, it would've taken months, if not a few years. In choosing the location for their rental property, they looked for a turnkey home that was pretty much move-in ready for tenants. Another perk of having a solid team to take care of their rental properties is the couple rarely needs to travel for in-person visits. All in all, Marques and Shyra are happy they made the decision to purchase their first rental property with a HELOC.
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