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Updated about 6 years ago on . Most recent reply

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38
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Marcos Torres
  • Northern NJ
18
Votes |
38
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What would you do? Help!

Marcos Torres
  • Northern NJ
Posted

What would you do? I currently have 3 units. One unit is a single family home. The other unit is a duplex. I own the single family home with a close friend of mine. The house is fully paid off and is worth about $100,000-$125,000. 

I have an enormous college loan that is around $52,000 and rising annually. I have the ability to pay it off, but that it comes at the cost of giving up my share of the single unit. I can have my friend buy me out and pay my loan off or sell the home and try reinvesting to help pay the college loan. 

Thoughts??

  • Marcos Torres
  • Most Popular Reply

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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    13,508
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    Replied

    Well, does the college loan have an interest rate higher than you could reasonably make on the cash from the house?

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