Windfall question

Chicagosuburbangirl · ‎04-14-2018

If you received a substantial windfall, do you think it would be a good idea to pay off your mortgage or purchase a rental property in a town that you know and love?

P.S. we would most likely retire to the rental location.

CAcableGirl2 · ‎06-03-2010

Purchase a rental would be my choice. You could always get a monthly income by renting from either location if needed. If you really love the place and it has growth potential get the rental.

......You look like I need a drink.....

TheMemphisVette · ‎02-01-2015

pay off debt. including morgages.

~~today may be my last.....i choose JOY!~~

sunshine45 · ‎03-09-2010

i think the answer to a big decision like that may also depend on your ages and other financial background.

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"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing." - Albert Einstein

sissel · ‎08-13-2010

Can you do both? If not pay off the mortgage . At least you will own your house out right. Pay off any debts before retirement. You are using the money wisely, know some people inherited money brought, jewerly & cars then ended up had to pawn the jewerly & sell the expensive cars, now they have nothing.

froggy · ‎03-10-2010

I would pay off my mortgage 100% of the time. No such thing as "good" debt.

Snowpuppy · ‎03-09-2010

Personally, I'd pay off the mortgage.

Do you have experience in rental properties? I worked at one while I was in college. Are you handy enough to do the maintenance yourself?

It sounds like your ideal property is a distance from you? Who is going to show it, rent it, clean and paint it, screen tenants, etc?

Personally for me, never again.

Kachina624 · ‎03-10-2010

I'd call my financial advisor and inquire as to what income I could expect from investing money. It's possible you could earn a lot more than you're paying in interest on a mortgage if you have a low interest loan.

New Mexico☀️Land Of Enchantment

GCR18 · ‎07-03-2013

Pay off mortgage, invest balance.

Kitlynn · ‎03-09-2010

I would pay off the mortgage and then keep putting the payments in the bank every month. Then when I was ready to retire I would use the money to by the home I really wanted in the area I decided to retire in. Rental property is great if you are there and able to maintain it and do the upkeep. Otherwise it can really be a nightmare to deal with problems and things that go along with rental property.