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The Water Cooler
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Let's talk personal debt
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<blockquote data-quote="soonersfan" data-source="post: 2019904" data-attributes="member: 9063"><p>Your 7-figure friends are right. Getting money at under 3% is ridiculous. Put your house on a 15 year note at 2.75%. Then take your cash and buy as much rental property as you can at 3.5%. Let your renters pay off those houses while you pay off yours. You'll beat the spread on real estate appreciation alone, not to mention the equity you'll build as you go along. </p><p></p><p>I'm all for getting out of debt but paying off your house is not going to build you a revenue stream for retirement. It only means you won't have to work as much when you're 80 years old to pay the bills. Debt free does not eliminate taxes, utilities, food, gas and insurance. You need revenue if you want to be debt free and retired some day.</p></blockquote><p></p>
[QUOTE="soonersfan, post: 2019904, member: 9063"] Your 7-figure friends are right. Getting money at under 3% is ridiculous. Put your house on a 15 year note at 2.75%. Then take your cash and buy as much rental property as you can at 3.5%. Let your renters pay off those houses while you pay off yours. You'll beat the spread on real estate appreciation alone, not to mention the equity you'll build as you go along. I'm all for getting out of debt but paying off your house is not going to build you a revenue stream for retirement. It only means you won't have to work as much when you're 80 years old to pay the bills. Debt free does not eliminate taxes, utilities, food, gas and insurance. You need revenue if you want to be debt free and retired some day. [/QUOTE]
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