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Updated over 6 years ago,
Student loan Pay off or another investment property? advise
Hi BP,
Recently in January I closed on my first duplex with a 10% conventional loan and im currently living in the smaller unit cash flowing $150 per month after all expenses ! Fixing it up along the way here and there remodeled the bathrooms etc adding equity/ BRRR basically. Anyways my question is I have about $38,500 in student loans (government) I have been out of college for about 1.5 years now good job as an engineer been saving money living frugal driving a clunker car etc. Wondering if I should go ahead and use the $44,000 I have saved (if I cash out refinance it will pull out 19k of that total amount) and start looking for another investment property with an FHA loan or another 10% conventional to help increase cash flow. My loan payment is $190 a month for 30 years I believe, no car payments.
I'm leaning on growing the portfolio more, on the other hand it would be nice to get my loans out of the way and be stress free in that department
which would you all do and why ? if anyone has been in this situation before your advise is greatly appreciated.