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Updated almost 8 years ago,
$50k to spend but 25k in college debt. What do I do?
I'm looking to get started in real estate but have an issue.
I have roughly 40k saved up from my 9-5 to get started
I have college loans of $25k with 6.5% interest. It feels like no matter what I do I can't cut into the principal.
I live in the New York/New Jersey area which means the taxes on property are a very serious deterrent for me to spend my life savings on my first property. For example my grandparents own a two story home 4 bedroom 1.5 bath that has 20k in taxes a year.
I am getting a large sum of money this week (10k).
My question is...do I add the 10k to my real estate investment goals or do I throw it at the college loan to make a deep cut into the principal and free myself from monthly debt?
PS...I make 85k a year at my 9-5 and live rent free...for now