Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
What’s the better investment strategy – pay off your primary home sooner or save up for a rental property? With interest rates so low, some people are tempted to keep paying their regular mortgage payments and save for a down payment to buy an investment property. Some people have considered refinancing.
“Just because interest rates are so low, does not automatically mean we should feel the need to go and refinance,” said Matt.
You have to consider what the closing costs would be. We also wouldn’t suggest just paying off your house automatically, because there might be other ways to invest your money.
When you’re going into investment properties, whether flipping houses or rentals, it costs a lot of money. Go into it with eyes completely wide open. We suggest holding an emergency fund off to the side just for investment properties, such as rentals.
We’ll also touch on some of the following topics:
- Figuring out your strategy for mortgages and rentals
- Why real estate is a hot, new topic
- How to help someone who is struggling financially
Listen to the full episode or use the timestamps below to jump to a specific section.
3:33 – Pay off home or save for rental property
7:27 – What’s your budget?
9:09 – Strategy for paying off house or investing
11:55 – Real estate has become a hot, new topic
15:47 – How to help someone who is struggling financially
19:36 – Traditional savings account
20:42 – How much money are you talking about?
“Just because interest rates are so low, does not automatically mean we should feel the need to go and refinance.”
-Matt Hausman
Additional Podcast Episodes:
Why Long-Term Care is the Subject No One Wants to Talk About
Listener Questions – Reverse Mortgages and Helping a Widowed Parent
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
