Should I pay off my Investment property

Dear financial gurus,

Investment property worth ~$450K. Started renting mid 2010. 
Current Mortage is ~$73K or monthly=$2100 ($1300 Principal, $300 interest, $500 Tax)

Monthly rental income $2,400. Depreciation $20K per year for tax filing.

Just happen to have enough money to pay off all $73K UPB.

Questions:
1. Should I pay off the mortgage at all? Pros and cons?

2. If I pay off and still want to get tax benefit, should I get a home equity line/loan and use the money for other purposes, e.g. buy new cars, home improvement etc?

Thanks in advance.

所有跟帖： 

• no, invest in somewhere else if you are good at investment -tianyazi- ♂ (0 bytes) () 03/03/2012 postreply 18:59:40

• 回複：It is a a "big if", what if we pay off, any tax or other con -bbbqqq- ♀ (1148 bytes) () 03/03/2012 postreply 19:45:11

• It makes sense to pay it off in your case. -texastrader- ♂ (782 bytes) () 03/03/2012 postreply 20:20:25

• easy way to invest is to buy mutual funds -Tianyazi- ♂ (123 bytes) () 03/03/2012 postreply 20:34:08

• 問個問題 -不是城裏人- ♀ (640 bytes) () 03/06/2012 postreply 14:13:41

• 回複：Should I pay off my Investment property -淩長老- ♂ (224 bytes) () 03/04/2012 postreply 12:22:27