Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Debt to income
I've been educating myself on real estate for the past 3ish weeks or so but I have about 10k worth of credit card debt should I try and pay it all off so I can get my credit score up and have better approval odds for my first investment loan (I would be using my VA loan). Or should I try to find a deal now and start the loan process? I,d love to hear everyone's opinions and thoughts!
- Real Estate Broker
- Cody, WY
- 39,922
- Votes |
- 27,110
- Posts
Quote from @Zachary Dylan Nelson:
You should be debt-free before you start investing. If you aren't disciplined with what you already have, you won't be disciplined with anything new.
#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Austin, TX
- 4,167
- Votes |
- 4,261
- Posts
#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Austin, TX
Agree on above - holding very high interest (presumably) CC debt should be first priority to pay off before buying the first investment property
#3 Managing Your Property Contributor
I'd try to pay it off as quickly as I could, especially if the interest rates on it are high. Start by talking to a bank or whoever you plan on getting the loan from to find out how much you can borrow and what the costs are associated with that. Normally if you are not living in the property, you need a 20% down payment.