Why You Should Never Pay Off Your House

Everyone says you should pay off your debt as soon as possible but is it the best thing that you could do. Today I'll show you what you could use that money for and start making you financially free!
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
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NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
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Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here: www.kriskrohn....
#KrisKrohn
#RealEstateInvesting
#MoneyMindset

[@GloriaMoore01]

Successful people/millionaires don’t tell the poor/middle class their secret to success, they seek the ideas of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..

[@GloriaMoore01]

I am fortunate I made decisions that changed my finances for the better (gained over 1M in 2yrs) through my financiaI coach. Got my 2nd house in May and hoping to retire next-year

[@GloriaMoore01]

Elizabeth Greenhunts get to her with the name

[@DennisMaddox3]

Good I got here, thanks.

[@gmoney860]

Paying off my mortgage was one of the best feelings ever. You keep yours all you want.

[@ronbonora7872]

I agree! LOL....the world is not new. These young people don't realize that interest rates will start to increase soon enough! LOL

[@annetteharding6484]

Why not pay off your house? That’s my goal.

[@666dynomax]

@@ronbonora7872 thats kind of the problem. like right now i've got one mortgage at 1.6 and one at 2.69... yeah you can say thats low, but i think this is the time to pay them off while its low... not wait until they're 5-10%.

[@billyd78]

Exactly

[@chvnse]

to each their own man.

[@willynelson8750]

Dave Ramsey is 100% correct. Always pay your mortgage off if you can. The freedom of owning your property is unreal and the best feeling ever.

[@SmallSpoonBrigade]

Owning property being a bit of a chain not withstanding, he is right on this point. If owning a home makes enough sense to take out the mortgage to buy it, then paying the mortgage off as quickly as practical makes sense. Buying does come with disadvantages, especially if you're buying in an area where people are leaving, or if your industry may have better prospects in other parts of the country.

[@florianmadison]

@dr.raymond8 thanks .. i found her webpage

[@jamieg9607]

Facts!

[@albajessicalove]

​@@SmallSpoonBrigadeMaria Brisbane helped me secure HELOC with 650 credit score

[@slomorrison814]

😂 did you even watch the video? One is a feeling the other is financial wealth.

[@jaywalk6628]

"I really regret paying off my house" said nobody EVER

[@albajessicalove]

Maria Brisbane helped me secure HELOC with 650 credit score

[@johnroebling9329]

I think you missed the opportunity and the point.

[@albajessicalove]

Or visit her website

[@adriannathegreat9890]

I don't think you understand what he's saying

[@kicks4lowofficial139]

I regret paying off my car

[@femckay]

This guy has a very different viewpoint than Dave Ramsey (or I) do. I’m 78 years old and retired. I’m so glad I have no debt! It gives me the freedom to do what I want. The Bible says the borrower is the slave of the lender. That’s the best advice I know!

[@tatianaflorez7858]

Congrats on your retirement! I have to say that this eternal law rings constantly in the back of my head.

[@Jwdude123]

Keep it in church

[@iunderstanphotography2780]

exactly many people would love to be in your position but poor health or bad decisions led to debt until the grave

[@tonymoretti2347]

Very true

[@thekidsarefine6303]

@@Jwdude123 huh

[@robjames3864]

Paying off my house was the best thing I ever did. Losing that $1500 a month debt has made life easy.

[@fortnersgarden2526]

...my insurance and taxes are wrapped in my mortgage so I wouldn't be saving the amount I pay monthly...?

[@insideoutsideupsidedown2218]

@@fortnersgarden2526 now they are just a monthly bill like car insurance and utilities.

[@leejesson3368]

Mvdo

[@ab221983]

So agree with you, and congratulations your living like no one else... just like dave ramsey

[@hdj81Vlimited]

1500??? jezus......

[@kortyEdna825]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[@PatrickFitzgerald-cx6io]

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

[@foden700]

Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

[@Justinmeyer1000]

this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

[@foden700]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@Justinmeyer1000]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@jimmoore1216]

I spent 38 years banking consumers, businesses, governments, international conglomerates and, yes, I even banked other banks and the stock exchanges. My most successful clients who had the options to do whatever they wanted were those without any debt or equity partners. Pay off your mortgage at a 20 year clip, don’t carry any consumer debt, drive a paid off car, invest at 20 percent of gross income, and enjoy life and relationships along the way.

[@astroman30]

Beautiful advice....Bravo!!

[@hometowncook6970]

He failed to mention....a bad renter can destroy all your plans

[@sandan778]

True and how about if all your renters leave where you get to pay the mortgage, bad bad headache.

[@runitup544]

And a Pessimistic mind will prevent you from opportunities

[@hughmanatee7626]

@@runitup544 Correction: A Realistic mind will prevent set backs. Those who aren't well off from the start don't stand a chance against said set backs.

[@runitup544]

@@hughmanatee7626 not 100%. And yes we all stand a chance.

[@joemc111]

Lots of places you can’t throw the non paying renters.

[@JK-ks3xq]

I own real estate, industrial income and land. I sold all of my apartments in 2005. I'll never own anything again that people live in. Tenants think you're their nanny and they don't respect what they don't own. Most don't even respect things they do own.

[@Watchthis7777777]

Sadly this is mostly true :-(

[@bigkid757]

I’m going through this right now. Never against.

[@JK-ks3xq]

@@bigkid757 ...I wish you well Big Kid. I don't know what state you own rentals in but, in my state, the tenants have all the rights.

[@robertmoran3589]

That’s why Home Depot sells cheap supply’s

[@konagirl805]

I've been feeling the same way about my rentals... but right now with inflation (and it doesn't appear "transitory" has we're being told) hitting I'm keeping my real estate.

[@cheehochiu5120]

Kris has some great content, but paying off our home was the best financial choice we ever made. No recession, economic crisis going to put my family out on the street or separate us.

[@Bubby1100]

Agreed. You can still use debt to buy a rental house, etc. But your home should provide protection.

[@WhitePOWERranger1]

Just pay those taxes, you still rent it from the government.

[@jordesign]

@@WhitePOWERranger1 Are there way to not pay property tax? If so, I need to know....

[@alansach8437]

@@WhitePOWERranger1 Yeah, but property taxes are usually a fraction of what mortgage payments are, and in many states, they will give you a break if you suddenly find your income slashed.

[@WhitePOWERranger1]

@@jordesign only way not to pay is not to own. - or military service seems to be beneficial.

[@SeanTalkoff]

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[@tmer831]

The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market.

[@AllenNichol]

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

[@SteveDutton-v]

if you believe the only way to make money is the market then this would be true but there fixed rates out there today at 6% and if you position your funds correct for taxes your nets can be much higher in the end

[@lawrencedyke]

in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

[@WillieNickell]

my partner’s been considering going the same route, could you share more info please on the advisor that guides you.

[@vikkip4256]

No debt no stress

[@Krynale]

I'm gonna listen to Dave Ramsey on this one. When my mortgage renewal was coming up, I told the bank I was paying off, the rep went from all smiles to sad. I knew I was doing the right thing

[@iamhischosen3866]

Lol

[@rudyperez9333]

And you went from all smiles after paying off your house to sad going back to work 9-5

[@Krynale]

@@rudyperez9333 As if I wasn't working 9-5 prior... what's your argument?

[@cathiemcginnis3997]

@@rudyperez9333 nope. I retired!

[@mendez33123]

@@rudyperez9333 be nice Rudolpho Cruz🤣

[@LindaLane01]

*“How To Acquire Wealth”*

[@LindaLane01]

The first step to attaining wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.

[@LindaLane01]

I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire soon.

[@LindaLane01]

Give this a try and attain wealth. Get to her

[@LindaLane01]

Elizabeth Greenhunts

[@Adukwulukman859]

Thank you very much. That's just what I needed to see. My wife and I own a couple properties and have other sources of income in addition to our own business. I am about 52 years old, and we have begun to save in order to retire comfortably and potentially live on rental income. I would greatly appreciate it if you could go LIVE and discuss how to get passive income online and retire happily.

[@talented009]

It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.

[@ThomasHeintz]

Very true! I've been able to scale from $350K to $650K this red season because my FA figured out Defensive strategies to protect my portfolio and profit from this roller coaster market.

[@DarleneMurphy774]

@@ThomasHeintz Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement

[@ThomasHeintz]

The investment-advisor guiding me is Elise Marie Terry, she is popular and has quite a following, so it shouldn't be a hassle to find her, just search her

[@esther.74]

@@ThomasHeintz I just looked up Elise online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.

[@nickcoppard5335]

I always listen carefully to financial advisors , then do exact opposite, it has served me well since I learned that ,

[@barbarailarpenter6815]

Ha!😊

[@nickcoppard5335]

@@barbarailarpenter6815 you better believe it , they cost me thousands lining their pockets , since I ignored them I have done brill ,

[@psilocypher]

Well in this case, you have two different advisors telling you two different things. This guy and Dave Ramsey. Which strategy are you going with?

[@silencefactor4]

This strategy works perfectly until a negative economic shift occurs and the rental properties lose its tenants or the rental rates have to drop. “Freedom” to me looks like not having to risk bankruptcy if I lose my job.

[@jayc4715]

Or get sick/injured

[@jayhenry3709]

Or layer off

[@jmrichards5910]

or say.... the government gives people permission to quit paying the rent and you can't evict them...

[@kreuzrittergottes9336]

@@jmrichards5910 fortunately that was ruled unconstitutional but it took a long time to reach the obvious conslusion

[@johnhunt5365]

Or until everyone is trying to rent houses to everyone else, this only works if a select few of a population does real estate

[@asmitau]

Financial freedom is underrated . Having no mortgage and doing what you want without worrying is the best thing ever !

[@mastarinki]

As an investor and a property owner, the idea of owning a large number of properties makes me shutter. Property ownership can be expensive, tenants are a pain, and homes generally aren’t that liquid. I suspect a middle ground between the two philosophies is the way to go.

[@designthinkingwithgian]

yes

[@Nperez1986]

location location location. Only those that dare will achieve greatness

[@bobrussell7644]

100% of foreclosures happen to houses that have a mortgage

[@mementomori29231]

Or you lose your home because you can't pay the property tax and lose all your savings locked up in the house.

[@joaquimrodriguez8961]

I'm sure everybody can do the math on that one.

[@jackburton6239]

@@mementomori29231 mortgage payment=$1500. Tax+insurance=$350

[@vijabe]

@@mementomori29231 All things being equal, the only way one couldn't pay property taxes is if tax rates start hyper-inflating. And if tax rates start hyper-inflating, then your fiat savings will soon be worthless, irrespective of their liquidity.

[@markblackburn5615]

@@vijabe I can tell you don't live in California!

[@changsterville]

Never pay off your house because the bank love this. This is actually a teaching that was created by financial institutions. This make about as much sense as saying you shouldn’t pay off your credit card.

[@joycewatt8289]

LOL 😂 but you are right!

[@smartcookie3500]

You will own NOTHING and be happy.

[@honor4thoseb471]

Your credit cards aren’t assets

[@SandMan50Kal]

The guy is not saying not to pay your monthly mortgage. He’s saying to not pay off the mortgage debt. Big difference. U still have to make payments, duh

[@changsterville]

@@honor4thoseb471 a house is not an asset, it’s a liability. Educate yourself.

[@barttfisher]

I’m 36 and I have about ($190k) liquid in savings which I plan to put towards becoming a homeowner, but based on the current high prices on real estate, do you suggest I hold from buying and look at stocks instead?

[@FinnBraylon]

Yes, housing crash is coming. If you're thinking about investments to earn huge income while maintaining the ability to access your money and safety, so you don't get caught in a market decline, a financial planner can come in handy

[@HildaBennet]

True, a lot of folks downplay the role of advisors, until being burnt by their own emotions, no offense intended. Amid covid-19 pandemic crash, I needed a good strategy to grow my portfolio, thus I consulted the service of a true market strategist that helped to rejuvenate my $700k portfolio, boosting its return over 240% as of today.

[@PennyBergeron-os4ch]

I was taught well on how to save, nothing on dividends, but now in my mid 30s, I'm really ratcheting up investments with the help of a reputable advisor, realized nearly $800k after subsequent investments in barely 4 years so far. I do think I have dropped a lot of stress about finances having a long term perspective about investing.

[@HildaBennet]

This is great! think your manager would get on the phone with an unknown? I'm concerned about my savings due to high inflation.

[@HildaBennet]

It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.

[@zevoni]

Having my house payed off during the covid pandemic was a life saver .I would stay with Dave Ramsay's method .

[@mac1bc]

Didn't Dave first go bankrupt having too many loans out? I agree no debt is the way to go.

[@Randoskie]

@@mac1bc You can lead a horse to water

[@driven01]

@@mac1bc Yes, when he was younger. He's open about it, and why he is so strongly against getting into debt.

[@TheGeneral_LUFC]

Ramseys advice is ridiculous

[@da324]

@@mac1bc If no debt is the way to go, why do the richest companies in the word borrow millions when they can merely buy things outright?

[@nma2354]

Make sure that if you are using this technique, that you can still pay the rent + expenses, with or without having a tenant in the property. This will eleviate the stress to get a tenant asap which may distort your screening process. Scale your wealth responsibly. Calculated risks people.

[@jmax6614]

Exactly

[@lorollinls]

Well said!

[@apexlowe2788]

spot on!

[@shawnn6926]

Landlords need to screen and rescreen and treat them with respect. Bad landlords = bad tenants.

[@Rhynoplasty]

Well said!

[@johnzulu2565]

Still the best thing we ever did was to pay off our house early, it has helped us in ever facit of our lives as we use it ofr leverage whenever we want to expand our business!

[@TahoeRealm]

I did the same which will enable us to retire early with less worry.

[@ctazz2591]

I don't regret paying off my house early. This allowed me to work part time etc.

[@kbanghart]

It's great if you want to keep the property, but I'm moving so I don't care.

[@lettuceboy2382]

Consider that if you invested the extra mortgage payments in an index fund you wouldn’t have to work at all

[@paulredressparker4288]

@@ctazz2591 kk

[@joycedudzinski9415]

Everything I own has been paid off for decades. House and cars. I have no credit card debt and my score is 860. The economy is pretty rough right now, but I feel just fine having zero debt. Stop spending, what you don't have.

[@yay_sports_]

This works out great if every rental property always has a tenant. This is an extremely risky strategy that might work out, and could very easily turn into bankruptcy. That's not freedom. That's stress.

[@cute2neko]

True that but is freedom from the boss on your ear at least

[@SmallSpoonBrigade]

Honestly, unless you've got a bunch of time and energy, you're probably better off buying into a REIT rather than buying your own rental properties. It's something that really was hammered home during the pandemic when there was a moratorium on evictions, but not on the collection of rent or the mortgage payments to cover those properties. At least with a trust, there's the possibility of owning a slice of enough different classes of real estate to reduce the risk of one tenant not paying.

[@redeemablesoul]

Stress and high blood pressure.

[@johnw6648]

the value of reit's generally is down a lot @@SmallSpoonBrigade

[@lizmabie8519]

👏👏👏 Well done on the production value of this video. Your bad advice was delivered excellently.

[@TonTreyMarc]

Bol!!!!

[@dvbernard]

Videos like this all have the assumption of no economic downturns or large, unforeseen maintenance costs. When you're loaded with debt and are only "wealthy" on paper (i.e., when you never completely own anything) a sustained downturn is going to screw you hard. This was literally the logic of the 2008 housing crash.

[@eddyvideostar]

@@dvbernard: To Ian Hernandez: Yes. It's a dangerous and burdensome business. No matter how well and successful your people skills are (arse kissing), there is no guarantee that the tastiest creme de la creme will not turn rancid and stale.

[@astroman30]

This is the best comment I've seen in a long time.

[@joycewatt8289]

Lol 😆

[@breaklocx]

Paying off my house was the best move I ever did

[@spacecash9721]

No you just think it is 😂 bad move

[@criticalthinker8374]

Using my house equity made me 12 million dollars.....I'll bet my move beats yours.

[@ShepherdMinistry]

@@criticalthinker8374 care to explain?

[@jasonwill5949]

@@ShepherdMinistry arbitrage. Did you watch the video?

[@williea.9704]

Congrats. What about the recurring cost tied to being a homeowner such as utilities, repairs, state/county taxes, etc.?

[@7perfectstorm]

Paying off your house is a great feeling.

[@spottiesbrand7401]

Payed off my house at 40 now I can invest freely.

[@bijnor67]

And then you run into rent forbearance and inability to evict non-paying tenants thanks to the government.

[@daviddave8266]

should of bought a one family house then.

[@99yota30]

Or you screen your tenants better. 4x rental income and 745+ credit.

[@rokyericksonroks]

Over 90% still have some equity ( i.e. they are not underwater) and yet the government steps in to protect them from due process. It’s wrong. I object to it on moral grounds.

[@revatherealestateagentandr8964]

There is a mortgage forbearance available as well going on so that investors in apartments, etc. can make it through this. And all the while the property is gaining value. There are buyers itching to buy the rental properties some are wanting to dump due to fear.

[@codymorgan9512]

@@99yota30 4x rental and that high credit and not bought a house ??? Hmmm lol

[@charliered9391]

Failed to mention, renting out houses requires finding responsible renters. When no one is renting your house, you are footing the mortgage on it. Any plumbing, roof, furnace, ect issues... You foot that bill too

[@vcoonrod]

Not to mention that a rent moratorium appears permanent in many states. His system no longer works. Surprised he has not updated his advice.

[@charliered9391]

@@vcoonrod well we watched it.. LoL. I think he still succeeded here

[@ABC-gs3fe]

@@vcoonrod not work but mortgage still need pay . opppps system error

[@runitup544]

That’s the risk. But the reward is worth it

[@OmniscientVirtuosity]

@@runitup544 nah. The “loss” is being homeless. He can have the atvs and dune buggys

[@dannybgoode6505]

To quote Dave Ramsey, 100% of foreclosures are on houses with a Mortgage.

[@GMCTIM]

The Last payment on ur home is the Best one You'll ever pay !

[@SHARK-td9ui]

DO NOT TAKE FINANCIAL ADVISE FROM THIS GUY EVER!!

[@user-ne9wp8ve5u]

Agreed!!

[@Larrydastooge]

You can say that about many. Do Your HOMEWORK!!!

[@tyronekim3506]

Right. The guy is in a dream world.

[@lvsqcsl]

Do you think?

[@LeverPhile]

I'm having flashbacks to the late 90s and mid 00s listening to this guy ..

[@rocky3chickens799]

So tell us about the tenants that don't pay rent. Tell us about the tenants that trash the house. Tell us about the rental property maintenance.

[@JP-de6yz]

Yea. Tell us about it. Lets hear it.

[@hapaharley1706]

Shoulda got better tenants. You know there's a screening process right?

[@daviddave8266]

should of bought a one family house

[@runitup544]

Tell us why you had poor tenants

[@dannystephenson4197]

Buy land and grow trees up until the green bugs come.

[@bryangriffin3139]

Dude, how crazy I was just listening to that dude you’re talking about and what I learned is keep my 30 or Mortgage at 2.75 and just pay on it like it’s a 15 year loan just pay extra payments. Be done with it in 15 years and you don’t have to change anything.

[@peteugly1007]

The underlying message is correct - however Kris over simplifies the pathway - I own 54 homes and this works - however it is not quite as simple as the way Kris portrays it!

[@jking5772]

When people tell you that paying of your house is a bad idea you should never talk to them again about finances

[@stanmoney8470]

Exactly! If you have a high debt to income. Paying of your home would reduce your debt. Most lenders would tell you that 🤷🏿‍♂️

[@azhardav]

well sir, I would say it depends. If one has high credit card debt or other high debt, pay that off 1St, otherwise mortgage debt is cheap debt and not all debt is bad. Dont forget one gets to deduct mortgage interest, also using equity in your home to take other mortgage and buy other property is wealth building.

[@kbanghart]

I'm definitely NOT concerned about paying off my house, cuz I'm moving to put myself in a better financial spot. My equity has been rising faster than my regular rate of principal pay down.

[@keithcastleberry3993]

Amen to that!!

[@lettuceboy2382]

It’s not a bad idea but it might not be the best idea

[@uf1978]

Pay off your house asap! Never listen to someone who says otherwise.

[@user-ne9wp8ve5u]

Agreed!

[@consumerdebtchitchat]

18 payments left and I ain't stoppin. Agree totally!!

[@AMPProf]

ehhh..... millionaires never own their homes!

[@jx6564]

@@AMPProf tell Buffet...or Slim...or wait...Gates...

[@steelphantom9105]

This guy is giving bad advice, don’t listen to him.

[@Arroyoruiz]

Thats why my landlord loves us. We pay our rent on time never really call him with no issues and have his house clean and taken care of.

[@ezdeezytube]

Wow. So many folks who tried to HELOC their way to wealth will soon learn what the risk was as interest rates go up and home prices go down. Insane.

[@jameswedding9635]

Pay off your mortgage, work less, actually live your life instead of just paying bills.

[@robi6317]

^^^^^ THIS!!!

[@kathywindsor9666]

Having no mortgage is financial freedom. As long as you have a mortgage, the bank owns your home . if you can’t pay the mortgage the bank will take it.

[@MrRobertMacknaw]

You never really owe your house. If you dont pay real estate taxes your house will be taken from you and sold.

[@y_yy_2844]

@@MrRobertMacknaw But paying someone else's mortgage + property tax, or your own mortgage + property tax, is better than just only paying your own property tax?

[@joycewatt8289]

Say that a little louder in case the folks in the back didn’t hear ya! Homeownership 101 is WHEN you have a mortgage 💸 you don’t actually OWN the home. It should be called “home non-ownership.”

[@juliesnow5542]

The h.o.a. Can take your house too, along with the bank, and if you don’t pay your taxes, the gov’t will take it as well.

[@miyard9233]

@@MrRobertMacknaw True, but the Guy who pay off his mtg would be a fool not to pay his property taxes which is a fraction of the yearly mtg payments.

[@jeffjohnson9872]

One thing you forgot to say, is that once you get the five homes you're going to have five payments that you have to come up with

[@markwegner6100]

Rent pays mort.

[@Torch_Man_35]

Yeah this definitely works in theory…. Until the renters refuse to pay rent and you have to pay to have them evicted and that can take 2+ months. And then you’re screwed.

[@adrianespinoza1561]

Pay off house ...and live happy!!!

[@jasoncentore1830]

Whatever people say, their is no advantage to paying a mortgage. Use the $ you no longer pay your mortgage with to invest. Even if market crashes to $0 you own your 🏠

[@MR..181]

But not in an hoa as debtors buy in at zero down and promise to pay at 3.5% that forces you to sell at higher price, as the inflation cost of their threats and demands make owning trouble.m

[@rjdal8873]

@@jasoncentore1830 you never own your home. Try not paying your property taxes and see if you own it.

[@butterfly9274]

@@rjdal8873 exactly!

[@b__w_4565]

@@rjdal8873 ya bro i wanna find a country with no property tax honestly. after I've made a few hundred thousand at least.

[@GVW2012]

The best sleep🛌🛌🛌 is sleep with zero debt....u should try that someday dude 😂

[@gmoney860]

Absolutely!!!

[@steelisthemeal]

True

[@marioandultrachap]

This quote makes more and more sense the more I learn about life and money "Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety" Benjamin Franklin

[@barbarasmith4259]

You can pay off your mortgage and still get a line of equity on that property anytime you want. You don’t need a mortgage to withdraw a line of equity.

[@WHOSKOW1]

Tried that and yes you need a first on the property to get a second or Heloc. I guess you mean that "line of equity" would be the first?

[@herbey79]

You should always pay off your debt as soon as you can and start buying assets that produce income. Ask anyone who had loads of debt and saw interest rates rise and rise only to lose their houses and businesses.

[@jimz.438]

EXACTLY, this dude has not lived through an economic downturn yet. He's too young to know; therefore, he doesn't even know what he doesn't know!

[@lorenaelizabethmontielvies563]

So true!

[@adorolivar1340]

Spot on Nigel.

[@EverydayMoney0]

Mortgage debt is usually fixed rate debt that is unaffected by rising rates.

[@raftika1]

@@jimz.438 isn’t that what’s happening right now?

[@Bulletcore]

Yeah... I'm still paying off my mortgage at the end of this month. 😅

[@kbanghart]

Nice!! I'm not paying mine off, instead I'm moving.

[@dianepereira1860]

Congratulations!

[@RandomJane104]

Congrats!

[@pascal_f1300]

Buffet : Only when the tide goes out do you discover who's been swimming naked

[@ninjabastard]

While on balance I agree with Kris' advice on reinvesting your investment with leverage, to not advise on the risks involved is misleading. I use my stocks as collateral to reinvest with leverage, this year has been brutal of my overall long-term profitable strategy. I expect the real estate market to have a similar year soon so I'd be cautious on taking on debt in this market.

[@adorolivar1340]

paying off your mortgage is a guaranteed winner - giving you peace of mind and sound sleep at night whilst investing though It's mathematically correct but it has a potential risk and uncertainty ie, if rate rises, you lose you job, property values going down...so really it is a case by case depending on your circumstance

[@emagneticfield]

Many people took your advice and because of covid and the rent moratorium got screwed. There was a video on KZbin of a woman and her child living in their car because of a bad tenant they couldn’t evict or collect rent from. SAD

[@SceneFailsss]

Where’s the link , cap

[@condayperez6818]

HELOC’S work great where you’re able to utilize the equity in your home, but I would suggest a HELOC only if you are pulling out a small amount of the equity. If you are trying to pull out a large amount, it could definitely be risky especially today with rates on the rise. Considering a fixed rate refi is less riskier than a HELOC when you’re pulling out the type of equity described here.

[@jasonjakubiak91]

His strategy may increase assets but it also increases liability. Increased reliability = increased risk

[@JeanFrancoisDesrosiers]

This makes sense when the house is only occupied by yourself or tenants: not your kids and anxious wife. Raising risks of loosing the family nest often doesn't worth the stress of doing it.

[@kbanghart]

Yeah, my wife and kids already went thru the 2008/9 crash stress, got our home foreclosed, we sure learned our lesson. Not doing anything risky ever again. Which also can have its downsides as well.

[@jmrichards5910]

I don't think I heard this snake oil salesman say "risk" even once.

[@robi6317]

@@kbanghart are you renting now? you should still buy vs rent - esp if the loan you got back then was a loan they shouldnt have given you. owning a home is how most people build wealth

[@Dontex_r]

@@jmrichards5910 I wouldn't say he's a snake oil salesman but he did leave out that this is a hugeee risk...

[@davisholman8149]

THE PSYCHOLOGICAL ADVANTAGE does not have a price tag. This is something people need.

[@tiensania1816]

All the best financial advisers said: pay off your mortgage if you could.

[@khadijahdavis1572]

Right, this guy is giving horrible advice

[@rebeccataylorshaw6532]

Psychological capitalism

[@sarahsmith3859]

We paid off 32K of debt in 18 months. BEST FEELING EVER! We were very good with money, we just didn’t account for risk. When life throws you 5-6 curveballs in a row, you get pretty dodgy about chaining yourself to the oar of the debt ship. Gonna stick with Dave on this one.

[@0013619511]

This is an excellent lesson! An older person may not want to pay off a Mortgage because they already have a lot of equity the only tax deduction is your mortgage each year .

[@joycebarnett6035]

If you have rentals all mortgaged right now and your tenants are not paying and they wont do a forebearance on a non owner occupied home guess what your home will be repoed at the end of the foreclosure ban. Unless you pay the mortgage and go broke. 10 MILLION HOMEOWNERS ARE BEHIND ON MORTGAGE PAYMENTS WAKE UP PEOPLE!

[@rebeccarussell6112]

"10 million homeowners are behind on mortgage payments"- How can I obtain the list of owners that are behind?

[@robi6317]

how many of the 10M LIVE in those homes? this is a rare case where an investment (owning rental property) didnt work out, and thats the way it goes sometimes.

[@johnk5825]

Anyone recommending you take out a home equity loan, don't walk away, RUN!

[@kccarrtheoregonhillbillyhi4803]

I don't know I guess the real question is is when you're retired do you still want to make a house payment

[@yoursafemoneypeople]

House appreciates or depreciates regardless of how much is in it 🤙

[@nickade2256]

Your advice has too many mutually inclusive assumptions that are dependent on each other. My advice: eliminate or minimize debt.

[@filemonshitaleni1398]

@Nick Ade and provided that all those conditions prevail. There's too many factors to consider.

[@vloghog1]

No way on God's green Earth am I getting a 40 year mortgage.

[@Aarah_ylp]

@Katherine P well said

[@mjack618]

😂😂

[@HisMaidservant]

amen!

[@greenearthblueskies8556]

🤣🤣🤣🤣🤣

[@FinanceHubb_]

never!!!!!

[@dorispowers9060]

Always, always pay off that mortgage as fast as possible.

[@semekd4940]

The process assumes low interest rates and consistent levels of rental income. If any of two changes, this process can lead to bankruptcy.

[@harleyrider4629]

You want to pay off your home to own it and not be in bondage to debt. Don’t let anyone fool you. Leveraging credit is a completely different ballgame than personal debt.

[@pmstff700]

Normally I would agree. Currently, there is no job security, and having to make that mortgage when the government tells your tenants they don’t have to pay rent....well you still have to be able to make the payments to the bank, so you better have some funds saved. Whole new ball game now days. 10 years ago when you were 26 this was great.

[@Andy-ss8yg]

Maybe that’s the deep reason why the government allows tenants to have all the power, to prevent a lot of people from doing this due to horror stories

[@jimdavis5400]

Let's go Brandon!!!

[@noobsaibot1182]

@@jimdavis5400 why are you so confused about reality

[@SmallSpoonBrigade]

@@Andy-ss8yg The government wants smaller landlords to lose their properties so that private equity can get a stranglehold on the market and prevent people from ever buying their own home.

[@cakyle1982]

EXACTLY!!! Socialism in business and government turns the tables in the last couple years. To say a few homes owned with 4500 a month in rent. But thats not guaranteed. And your home depends on it. This video is fraught with discrepancies.

[@captaindrywall]

ok this is why you keep an old guy around: in the old days, pre WW2 if you had a mortgage the bank could call it in at any time they wanted. Thus you didn't want to get stuck with only a few years left and bank come calling. So it was very important to pay off the Mortgage.

[@karcharias811]

This is precisely the kind of advice you expect to hear during boom times like these. How does it all work out when the bust comes? Not well.

[@lettuceboy2382]

It works out when you have time on your side to ride the ups and downs of the market

[@charlesperigord1599]

Finding an investment that pays a 25% return may not be as easy as he makes it sound . . .

[@hifinsword]

@@lettuceboy2382 Whether it's the real estate market or the stock market, there will be ups and downs. You need a financial cushion to ride out the ups and downs.

[@the_fixer_guy]

When the tide goes out is when you find out who's skinny dipping!

[@criticalthinker8374]

@@hifinsword Yes, you never over leverage ! That will ruin you ! Careful leveraging is the key.

[@horaciocorral8193]

Im happier that the house is payed off. A mortgage blows, its slavery.

[@edhcb9359]

So since you still have to pay property tax every year aren’t you technically still a slave?

[@Will13874]

@@edhcb9359I'd rather pay property taxes than a mortgage plus property taxes.

[@oscarrlee18]

No mortgage is no write off so higher taxes anyway. It blows because you don t get it and you never will so enjoy. And learn to spell.

[@jayc4715]

Agreed

[@juanguzman3143]

@@oscarrlee18"don't"

[@evelynvargas1870]

I realized the equity in my home is useless unless I use it to reinvest the equity. Thank you this confirms what I need to do. Invest in my third home wisely

[@RC-Flight]

I’m 61 I’ve been Mortgage free from age 38! Please don’t listen to this guy! I’m living stress free, since the age of 38. My friend across the road owned three house all of them mortgaged. He lost two of them and then lost his marriage. He then had to sell the last house in the settlement.

[@rokcestnik8761]

Best debt is no debt, thats my motto.

[@gspainting11]

Well said!!

[@shawncole9388]

If you owe 200k and your house is worth 400k that means the house you purchase to rent is going to be overpriced as well. So you increase your mortgage payment by borrowing against it to purchase the other house plus the payment on the other house is going to be really high with only 50k down. Where is the $450 profit coming from? The rent payment you collect most likely won’t cover the payment or the the equity line payment.

[@bc_usa]

You forgot that you also have to pay back the equity loan you took out on your house...he never mentioned that.

[@MrChevelle83]

@@bc_usa He never mention mortgage interest vs simple interest, and closing cost, thats just the bank part. What about the yearly maintenance on several houses???? so many things left out.

[@sephorareynolds5786]

Yeppp he is living in lala land… that is the land of make belief… with that advice

[@SmallSpoonBrigade]

@@bc_usa Also, keep in mind that on some types of loans that are backed by your house, you may wind up losing the home if the bank calls the loan and you can't arrange a new loan in time to prevent that from happening.

[@jaynetolman1457]

@@bc_usa That's exactly what I was thinking

[@LV-FOURTWENTYSIX]

Wait until interest rates go up 5-15% and your renter stops paying. Pay off your house. Once it's done save up and buy you investment property. A lot of people are going to be up to their eyeballs in debt within the next few years

[@rebeccataylorshaw6532]

Yes. This is the best advice

[@AroundtheBendPhotos]

Did exactly what you are saying back in 2006 and lost several rentals because I of this stupid idea… don’t spend money that isn’t yours is my advice! Just watch what is coming soon- so glad I don’t have any rentals!

[@northwestgardener5076]

Just had a renter break a window, he is blaming it on the heat wave. Looks like the rent will be going up in January. Ordered the replacement today.

[@patrickm6012]

@@joel0990 sometimes them leaving is better than dealing with a bad renter.

[@remnad2323]

My "last" tenants did over $6k of damage after not paying rent and eviction. He then quit his job so that I couldn't get my court ordered losses. After over 10 years of renting, I no longer had the energy to br a landlord any longer. One yesr later of having the vacant property, I sold it.

[@ernestjackson5812]

🤣🤣🤣🤣

[@amyzieger5198]

issue them out a swift spanking against the hard brick wall too with it sir!!!

[@oyunchallenge6893]

Be your own person , be independent, and show the world how much you have to offer , What do you think about *Linux tech corps* ?? I think it’s the gateway we all need

[@investwithww.virtualcrypto4025]

I think they are the best !!

[@MrCharrrles]

This makes sense if you can make a better return than the bank interest rate but most people simply can't and even if you can it's a high risk investment which needs a clear cut back out plan

[@markcole6475]

Also he doesn’t consider repairs and updating on cheap rental purchases ! Let alone damages from renters……this theory is in a perfect world where everyone does what they’re suppose too!

[@dobcsek]

Hmmm….not convinced. I still want to pay off my mortgage ASAP.

[@mr.wilken8482]

Equity line is like a 2nd Morgage

[@yamchayaku]

my house is paid off and I don't regret it one bit. I'm completely debt free. All I'm doing is creating more passive income now because I have both money and time. If you are smart, the last thing you'd want to do is listen to this guy in the video.

[@rolandoaponte9062]

Kris advice is technically sound and correct but is contingent on too many pieces falling correctly in the game simultaneously. As always, it all depends on whether you are a risk-averter or a risk-lover and your age. At 69, the psychological benefit of not having mortgage payments is priceless.

[@kingferno317]

Murphy's law, this is how people go bankrupt

[@WesB1972]

It can be a house of cards.

[@RobMac602]

Isn't this how Dave Ramsey went broke to begin with?

[@chuckiedavidson719]

This guy is everyone’s broke brother-in-law

[@aaronsandell4830]

Actually he's very wealthy but nice try

[@davysmith8569]

@@aaronsandell4830 he may be wealthy but his results do not equal = yours or mine. Its all risk.

[@jayc4715]

😆

[@phasetoo1]

😂😂😂😂😂😂😂😂

[@Lisajen-h5u]

Owning a house whilst retired is the most important financial move one can make. I am putting every spare single cent in to mine as I am 57 years of age, single and do not want to have to be in debt in my retirement. Have you ever heard of Scott Pape, The Barefoot Investor?

[@jumomediacorp]

this didnt age well when the interest rate is so high the mortgage rate is like 7 - 8%

[@CubanforMAGA]

A HELOC is the bomb waiting to go off. It does not make sense at all that the bank can charge you as he pleases and May recall the loan at any time. Plus ask all the landlords that were screwed by their own Government during the pandemic.

[@paulw1570]

No debt...no worries & at 57...im cool with that 😎

[@rosesandthorns47]

Best thing.

[@AMPProf]

listen here if you hook me up with your social security number, date of birth, birth name, and address I'll gladly let you borrow at 25%! lol

[@milradoc7307]

Peace of mind is priceless!

[@dipakrawal1509]

Messing with large debts and this Guy seems to think these things happen as it should, but in reality this is a lot of stress and if and maybe's to me. Gambling with your home is the last thing you want to do in pursuit of wealth, that may or may not arise. I would go along with Dave Ramsay pay off the home asap. Dave is a very experienced Debt Guru and I totally go by his ideas. Best debt is no debt.

[@jacobm1001]

Debt is slavery. Pay off the house. Buy what you need not everything you want unless you have $.

[@kbanghart]

NO thanks, I'm not paying mine.