Torn on Whether to pay off home or jump into real estate

[Casey Lodes]

Hello Everyone.  I have a conundrum on my hands.  My wife and I are torn on whether to pay off our existing home or take that money and start investing.  

I live in the middle TN area.  I will be retiring in the next 4 years and don't own any rental property.  I own land behind my existing home with road frontage on another road.  We have carved out 8 acres of it for a future sell and with land being what it is here in Middle TN, we can fetch a pretty penny.  My existing mortgage on my present home is less than 200K and we are around 2.75% on our interest rate.  

I would like to enter the investing market but my wife is more conservative and would rather pay off the current mortgage.  I don't really want to sell that land just presently as I want to get a season of deer hunting in this next year, but am leery on if we will see a pullback on the land pricing.  We would hate to miss a opportunity to strike at high pricing.

I'm hoping to get some pro's/con's on paying off vs jumping in from some of you fine folks that have done either/or.  I appreciate your help!

[Joe Villeneuve]

If you use that money to pay off your home, that money is gone.

However, if you use that money to invest with, your investment cash flow can pay your mortgage payments, and when that's paid off it will continue to pay you.

Use your money to invest, and let the investment pay your bills.