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Updated almost 6 years ago,

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Nick Lamberis
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Starting out question about own home house hacking?

Nick Lamberis
Posted

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.

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