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post #3 of Old 10-28-2007
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1) Pay off your house as fast as you can.
2) When paid off, remortgage it. Buy a boat.
3) Move onto the boat, and rent out the house. The rental income pays for the new mortgage...BUT, the new mortgage is only a fraction of the original cost you paid. This is the way to "capture" the insane upswing in Canadian real estate prices.

Boat loans are crazy. Using your house like a bank isn't, because the banks want to keep you on the mortgage hook, and so will give you a "preferred" deal.

Oh, and if you get tired of the boat? Sell it, and pay off the house and kick out the tenants!
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