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Updated about 4 years ago,

User Stats

6
Posts
2
Votes
Elena Fabri
2
Votes |
6
Posts

to prioritize to buy real estate or pay down HELOQ / Mortgage

Elena Fabri
Posted

My question is, I have a mortgage and an Airbnb on the same property. It cost me $90,000 to build a ADU for the Airbnb. I want to save 100,000 per Scott'T's advice to start investing in rental properties. With $455,000 Mortgage and 90,000 HELOC, how do I prioritize my income to meet the 100? With a variable on HELOC, do I pay that down as quickly as possible, or pay the minimum for both loans and save as much cash as possible from rental and primary income till 100 is hit? Also that HELOQ is cash as well. Just Don't know how to look at the math and I'm concerned that variable rates will increase considerably. Lastly, Who is the person that helps me with these kind of projections as my tax person isn't really equipped. Is it a financial advisor or tax advisor or ....Thanks

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