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Updated over 9 years ago on . Most recent reply

Alejandra Creech's profile image
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Alejandra Creech
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  • from Madison, Wisconsin
  • Member since Jul 28, 2015
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Alejandra Creech
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  • from Madison, Wisconsin
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Alejandra Creech
  • Real Estate Professional
  • Madison, WI
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Real Estate Deal Analysis & Advice

Pay off mortgage or buy a property?

Alejandra Creech
  • Real Estate Professional
  • Madison, WI
Posted

I'm being gifted $150K, should I pay off my mortgage (owe $175K) or buy a $150K house cash?

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Andrew Syrios
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  • from Kansas City, MO
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  • from Kansas City, MO
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Andrew Syrios
  • Residential Real Estate Investor
  • Kansas City, MO
ModeratorReplied

You could loan the money to me... just an idea...

I would need more info to feel comfortable with a recommendation, but I usually lean toward buying more. The biggest advantage to real estate is the ability to use leverage and still protect yourself by getting a good deal (which you can't do very much in the stock market). I mean, you may even want to get some loans and buy a few houses with that $150K.

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