All Forum Posts by: Laura S.

I am 37 and currently live in a home that is worth 500k and is fully paid off. I am planning to purchase and move into my next house of $650k. We have more than enough for the down payment.

Would it be better to:

-keep the house which is fully paid off and rent it. Use the rental income to help pay off the mortgage of the new house.

-sell the paid off house, pay off the new purchase then purchase a different house and have a mortgage on the rental?

I am getting stuck on the taxes and deductions weighed against interest rates and which would make more sense?

What should I be thinking about? Which is smarter?  Other ideas?

This would be my first rental and I am generally a pretty conservative investor, and planning a buy and hold strategy.

Also, does anyone have a good accountant referral in MN??

Thank you so very much!!