re: Advice needed for situation....

quote:

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If the price of oil stays down and the market tanks then it would be a great time to buy a rental property and try it out to see if you enjoy being a landlord.

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correct

buying at a top like we seem to have now when the driver of the local economy--oil--is in the tank seems risky to me.

I got three down votes on my advice.

I am sure many here favor investments over paying off the house and feel the guy in the OP should reduce his cash by investing it. If it were me I would invest and be cash broke BUT he should do nothing he is uncomfortable with because no amount of money buys peace of mind. A paid off house gives a lot of piece of mind.

There is nothing wrong with having a pile of cash and a paid off house. It is just stupid to criticize someone in that situation.

One more thing I would say to the OP--and I am sure he knows this---just because your business is incorporated does not relieve you of personal guarantees you have signed for the business debt. If there is note for a piece of equipment in the business there is a pretty good chance you have agreed to personally guarantee the payment of that note should the business fail to pay. The half a million may not go far if things tanked badly in the business and those creditors of the business came calling personal guarantees.