I recently inherited $300k in my late 20s and I am looking for some honest advice. I currently have a $295k mortgage at 5.3% on a new construction home I purchased last year. I really want to pay off my mortgage, as it would relieve a lot of financial stress and pressure since my monthly housing costs (PITI plus utilities) already take up roughly half of my post-tax salary. I could then take the roughly $1,800 I would save each month on principal, interest, and mortgage insurance and use that money to save and invest. I’m single, have a stable job, and don’t plan on having children. Would anyone strongly advise against this, or is this a reasonable move in my case? Additional context: I have no debts or student loans, and a salary of 65k per year with a government pension.

Hello everyone! I’ll keep this short and simple. So my father owns 2 homes, one was paid off for 100k and now worth around 300\~k and the second home has 128k left in the mortgage worth roughly 4-500k Here’s the plan, we have the money to pay off the 2nd house and we’re looking into getting a house at another city, would be around 350k give or take Would it be better to pay off the 2nd house then get a loan using it as collateral to get the 3rd house for cheaper? (Paying full amount instead of having to finance) Or should we just mortgage the third house like normal? Also interested in looking into making an LLC for the two properties since we are renting one out but under the table. We have about 170k in disposable income as of now We both work in the oilfield and I’ve been wanting him to put those properties in a living trust as I heard that was a good idea. I say ‘we’ but it’s all his property. Under the assumption he makes me beneficiary which is the plan so far. We know nothing about finance but I’ve been telling him that we have too much to not be utilizing it to its best potential.

28M/26F Context, we have 2 properties and live in one. The 2nd property is vacant pending approximately 35k worth of renovations to make it "rent ready" to place a tenant. Our joint net income is approx $8700/mo, and household expenses between paying both mtgs, electrics, waters, phones, int, ins, gas, groceries, ect is approx $5700-$6200. So we effectively still save approx $2500-$3000/month while carrying a vacant property that we can't do much with until we secure financing to renovate. To me, this savings rate is quite comfortable. Theres 2 options that I see on the table Option 1) Sell as-is. (We can effectively walk away net 0, owe nothing but gain nothing). This would free up approximately $2000/mo in cashflow. Option 2) Make Repairs (approx 35k) which we would need to finance, but then we can rent it out for approximately $1750/month. Im imagining if we took out a loan, it would cost approximately $650/month. I have a handyman/maintenance/construction background and most minor repairs would be easy for me to complete "in house". All major systems are new, roof, AC, Water heater.. It needs new kitchen cabinet doors+ drawers, some flooring, drywall/paint/trim, and upstairs bathroom gutted and done over. I would need to hire out the big work because my job is demanding. Option 1 can happen any time. Option 2 we wouldnt be ready to commit to until after a years time has passed for us to build up more savings (approximately 30k worth) to feel comfortable taking on this debt/endeavor. My mortgage is at a 3.75% which is really attractive. But the question really is -- does it make more sense to hold onto the property in order to save up to make the repairs and place a tenant, or does it make more sense to offload the property and bank that extra cashflow for other purposes? (For example paying down her mortgage which is slightly over 6%). Or is there a 3rd option I am blind to? A part of me really thinks its wise to hold onto my property, and a part of me wonders if Im being silly and preventing us from making bigger + better moves.