1003: Q&A: Should I Use My Equity to Pay Off My Rental Property? - Episode 1003

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

Investing, How To, News, Education, Business, Business News

4.1 • 1.1K Ratings

🗓️ 27 November 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's first caller has $200k in equity in his primary home. He's thinking about leveraging his equity in order to pay off a rental property. Is that a good idea? That's the first question I'm answering on today's show!

This Q&A episode of Investing in Real Estate features three great listener questions on using equity to pay off debt, what to consider before you sell a rental property, and changes to the mortgage interest deduction in 2025. Click play to hear my answers to your investing questions!

Transcript

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0:00.0	Welcome everybody to the investing in real estate show. I'm Clayton Morris
0:08.9	long-time real estate investor and founder of the full-service rental real estate company called Morris Invest.
0:14.8	Good to see all of you.
0:15.9	Thank you so much for taking time out of your day to build up your financial
0:20.0	education and today's our Q&A episode so people are able to call in, leave us a question about taxes,
0:26.4	real estate investing, the markets, whatever's on their mind and we will attempt to answer
0:30.4	it here on the show.
0:31.6	Please come over to our website.
0:33.0	If you'd like to leave a voicemail question,
0:35.1	we've got tons of great blog posts over there,
0:37.4	information and resources to help you become a real estate investor,
0:40.6	and there's a microphone icon on the front page of Morris Invest.com.
0:45.0	Click on that and you can leave us a 30 second voicemail question if you please.
0:49.0	Okay, let's dive into it today. We've got a couple of great calls here. Let's start with
0:53.5	Carl. Hi Clinton, my name is Carl. I'm from California. I have about 200K of
1:00.2	equity in my primary home and my second home is breaking even on rent to mortgage.
1:05.3	Does that make sense to cash out refine my primary then put that 200k towards the second
1:11.2	home to increase the cash flow? I eventually will sell it to the
1:14.9	renters and do a 1031 exchange when the time comes. Thanks in advance and I
1:19.3	appreciate all the knowledge you share. Thanks Carl. Well I can't tell you what to do with your money.
1:24.0	It's a personal preference, but I would say take a look at our book, our book on how to pay off your mortgage
1:28.4	in five years, because in that book, again I have to always explain, it the blue cover if you go to Amazon and you see
	...

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