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Updated over 9 years ago,

User Stats

16
Posts
4
Votes
Travis Benham
  • Software developer
  • Mustang, OK
4
Votes |
16
Posts

Payoff Credit cards before first RE Purchase?

Travis Benham
  • Software developer
  • Mustang, OK
Posted

Hello!  

(So I am trying to exercise the ACTION items I heard on the Podcast the other day.  One of them is to ask at least one question a week.  This is easy as I'm new, so I have LOTS of questions.)

I have some money available to me that could be used for down payment on first RE purchase.  However, I also have some Credit Card debt that could be paid off.  If I use the money on Credit cards, it will pay the debt off completely, but nothing will be left.  

To get started in REI, should I pay off my debts first or take what seems like an opportunity to build my asset column? What level of financial stability should I be in for the first purchase?

Thanks for any input

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