Rent Or Sell My Investment Property

[Shay Burke]

Hello,

I purchased a fixer upper a few years ago for around 10K at an auction.  I invested about 25K back into it and did most of the work myself and it's appraised at around 65K now. I live in a college town and my fixer upper is within walking distance to campus so I'm sure students would love to rent it. Here is my problem. I am about 40K combined in student loan/vehicle/random credit card debt. Should I just sell the house and become essential debt free and try to do another project or cash flow the property as a rental? A rental comparable in that area would be about $700.00 a month in rental income. Everything in the home is brand new so getting a renter in there has me hesitant as well too. I would love to get some input. Thanks.

[Luca Cras]

I have never bought a property so maybe you shouldn't listen to me but paying off credit card debt (amd other bad debt) is one of the best returns you'll get (as heard from people like Mark Cuban, Warren Buffet, etc). And you'll have 25k left to invest in a new property (with better chamces of getting a loan because you won't have any debt)