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Updated almost 9 years ago on . Most recent reply

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40
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Jonathan Studdard
  • Wentzville, MO
5
Votes |
40
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Pay off my mortgage or invest?

Jonathan Studdard
  • Wentzville, MO
Posted

I have 30 year mortgage (rate is below 4%) on my current residence where I've lived for about a year. I could pay it off (I owe $185,000) and have about $10,000 in emergency savings leftover. My family thinks I should pay it off then save because my wife and I are business owners without guaranteed financial security, but I read that with my low rate mortgage I could grow wealth faster with responsible leverage, but this is a hard sell to my family who has 0 interest or faith in REI. Should I pay off my entire mortgage and keep saving for a second investment property, should I pay down and refinance my mortgage and invest/save the rest, or can I start cash flowing enough to cover my living expenses without being a REI pro?

Most Popular Reply

User Stats

4,248
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2,626
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Lane Kawaoka
  • Rental Property Investor
  • Honolulu, HAWAII (HI)
2,626
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4,248
Posts
Lane Kawaoka
  • Rental Property Investor
  • Honolulu, HAWAII (HI)
Replied

Do a spreadsheet and compare the two scenarios. Do not ask for one of answers. Think for yourself.

  • Lane Kawaoka
  • Loading replies...