Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago,

User Stats

3
Posts
0
Votes
Ryan Crowe
  • Pearl River, NY
0
Votes |
3
Posts

$50k to spend but 25k in college debt. What do I do?

Ryan Crowe
  • Pearl River, NY
Posted
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

Loading replies...