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Should we pay off or refi and buy another property?
Old 09-10-2012, 05:54 PM   #1
Confused about dryer sheets
Join Date: Sep 2012
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Should we pay off or refi and buy another property?

I have a rental property on a 15 yr mortgage with only 5 yrs left. Should I refi and take money out to buy another property or pay off the mortgage as soon as possible. Rate is 5.25%, mortgage is $1800 pm, it rents for $2500 pm. We are in our 40's, live in CA and have 4 rental properties. I'm torn between piece of mind having a house paid off, and the tax advantages of continuing a mortgage and buying another property while the market is at a low.
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