Is paying off my mortgage the best idea for my future
I have in mind of paying one of my properties off in the next few months. The advantage the way I see it is once I pay off the property it will free up my borrowing power a bit more so it will not be such a challenge to finance another property. It is going to cost me $30,000 but in return it will give me about $400.00 more dollars a month. I have thought about keeping the $30K but I am at the 4 mortgage mark and it becomes more difficult to get loans. Our credit score is good at around 725. (this will be the only property we will have payed off if we do this)
My main concern is once I leave my job and go into real estate as a realtor and home flipping on the side. I am worried if I don't free up the books a bit no lender will offer any loans for me to purchase other properties. Should I look at this in a different way or any other options?
Thank you for giving me direct advice from different views. I know this topic has been discussed several times from other people.