Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 on . Most recent reply

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...