More n00bZ questions... :goofy:
Why would I want to take money OUT? I never understood that. If you do that, you've got cash in your pocket, but you 'own' less of the property, no? And won't it be harder to cash flow, since you now owe more on it? Your payment SHOULD go up, right? If you sell, won't you have to sell it for a good bit more than you bought it for so you don't loose your butt?
I figure if I OWN the place, I don't pay interest anymore. I rent it out, and that money is MINE (well...expenses, too...lol). If it goes down in value, who cares? I'll wait; it would still be making me money if I keep it occupied, right? And if it goes up, bonus, and I can sell whenever I want and put waaay more in my pocket.
"I've seen more people fail because of liquor and leverage - leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
- Warren Buffett
Yeah, like that guy said... :D