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Updated over 9 years ago,
Payoff Credit cards before first RE Purchase?
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