pay off mortgage or not

[TexasHusker]

Thanks so much for all your output. I truly appreciate all the good advice/ ideas i get from you all.
My renters are great pay on time and never any problems. My insurance co paid for new roof (I had to fight them on that one) and a new A/c/heating unit
due to lightening strike. The only problem i had with them was when they move in 3 yrs ago they asked if i allowed animals. Thinking a couple of dogs/cats i said yes. But as the house is on 3.5 acres, there are now multiple goats, chickens, geese all over the place. But the actual house they keep clean so I'm not really worried about their animals.

I think i will keep my rental house. I can always sell it later down the line if anything happens to my husband (75 yrs old) or sell our house and move into the rental house and would only have to pay property tax on it. In the meantime house prices may increase.

Something else the stepkids suggested was that we take out a Home Equity loan and convert out huge basement garage into an apartment. I don't know if their plans are to put me down there is their father passes. But that ain't going to happen. LOL

Thank you again for all your suggestions.

I would take investment advice from kids and stepkids with a grain of salt. They are likely thinking of their interests instead of yours. Additionally, it is quite possible that they know just enough about personal finance to get you into a lot of trouble. Run Forest, run!!

[greenskeeper]

Do you own the investment house free and clear?

[ladyofengland]

yes its free and clear

[greenskeeper]

yes its free and clear

for $77/month I'd keep things the way they are

[Nutria]

for $77/month I'd keep things the way they are

Come on GK, you should know it's not just $77/month. Property taxes and home/appliance repairs, and maintenance (painting, etc) spring instantly to mind as costs that OP is going to incur sooner than later.

[TexasHusker]

Come on GK, you should know it's not just $77/month. Property taxes and home/appliance repairs, and maintenance (painting, etc) spring instantly to mind as costs that OP is going to incur sooner than later.

Hopefully the rents increase as well over time? And the OP should be deducting all those costs, plus depreciation.

[disneysteve]

And the OP should be deducting all those costs, plus depreciation.

True, but I get the sense that this is more of a cash flow issue. You need to have a nice savings account when you own a home, ever more so when you own rental properties. Just because you can deduct the expense doesn't do anything to help you pay it when the heater breaks or the roof leaks. So if money is tight and savings are limited, maintaining both your personal residence and a rental property might be stretching things too thin.

[greenskeeper]

Come on GK, you should know it's not just $77/month. Property taxes and home/appliance repairs, and maintenance (painting, etc) spring instantly to mind as costs that OP is going to incur sooner than later.

TWO houses for $77/month

$2400 to deal with the rest

are you kidding me?

[Nutria]

TWO houses for $77/month

$2400 to deal with the rest

are you kidding me?

Maybe $200/month isn't a lot to you, but it sure is a lot to many prudent and frugal people on this forum.