Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Starting out question about own home house hacking?
Looking to start small and buy a small multi-family unit and go from there. I am currently "house hacking" my home (renter paying essentially my mortgage and association fee). I cover taxes and utilities. I have saved a decent amount of money through work (minority restaurant owner). I have no family or no debt right now. My question is do I pay off my home entirely (which i am capable of doing). (If I move I plan on keeping home as a rental for some quite time as the location is excellent). I have gotten mixed feedback from people. Some say get the tax break every year and don't pay it while others have told me to pay it off. I did get my home about 9 years ago at a great price and currently the value is 40-45k above what I paid for it. Even if I do pay off the mortgage I will still have a decent amount of money to invest into something in the future although a part of me thinks I could buy bigger instead of paying off my home outright. Any feedback would be appreciated. Thanks.