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Updated over 8 years ago, 08/05/2016
opinions on starting rentals with consumer debt
need input from people that have been in this situation and survived. I am conflicted with this situation at the moment.
I had 3 rentals several years ago and got rid of them after getting married. it's been 3 years since then and am getting the itch to get back in the business. the problem is that my situation financially is completely the opposite of when I had the rentals before.
I was debt free, except rental mortgages, with a big safety net to help with the unexpected rental problems that always seem to come up. right now we are in deep debt and little to no savings. I know the answer before even asking but it is our nature to ask.
we are $60k in consumer and have $70k left on the mortgage of our home. we're working the debt snowball and calculate to have all the debt paid in about 4yrs. not counting raises and my wifes bonuses she gets.
I guess here is the question; should we consider getting 1 rental to start now or wait till we are debt free and have a substantial safety net? our main goal is to get 1-2 rental a year, sfr, until we reach 25 units.
if you guys need any more info ask away. thanks for your responses ahead of time.