Is this a dumb move?

[Carlos Silva]

Due to higher interest rates, what are your thoughts on buying a new primary residence rather than purchasing a new rental property with a higher interest rate?  I've thinking about renting out my current home and purchasing a new home to live in.  The downside is I will have a new mortgage on my primary residence.  I'm 46 and was really wanting to own my current home free and clear.

[Josh Young]

@Carlos Silva if you don't mind moving this is the best way to acquire rental property. The financing for a primary residence is much better than it is for an investment property, you can put less money down and you get a lower interest rate. What difference does it make if the loan is on your personal home or an investment property, it's still your debt.  Also, you will never own anything free and clear, you will always have property taxes and insurance (although insurance does become optional once the loan is paid off).