Should I pay off my mortgage?
I know I know there are few posts about this topic but wanted to tell you about my situation and see what you think so here we go.
I own my personal property worth 575K and mortgage is $365K. I own a rental property outright and rents for $2200 a month.
This is my Idea.... I can do a cash out refinance on my rental which would give me 250K in cash at 6.5% for 30 years with payment of $2185 but my rental income will pay for that. Then I turn that 250K plus $115K from my savings to pay off my mortgage which will save me in total $67K in interest. And then since I love real estate I would get a HELOC against my home which is $460K and continue to flip with those funds.
Thanks for your input