Investment Philosophy (debt vs no debt)
Hello BiggerPockets,
I'm new to REI and getting all the knowledge that can help me. At the same time taking reasonable actions too. We rented our first residential property which is fully paid off and now moving to 2nd which is rehabbed and we plan to live there for a year to complete one year residential requirement then rent out and move to next which will be our home for good. With our second property we invested $60k in rehab and it's our first rehab project. We spent more than expected due to series of unfortunate events 😂 but I believe experience cost money and we still make 10k equity so not so bad. My question to you!!
There are two kind of investment philosophies I'm learning about one is Dave Ramsay who says to get rid of debt (that's like my husband) and other is Robert Kiyasaki who teaches you about good debt and make money from Debt.
now our first house is fully paid and we had 50% equity in our 2nd house too and my plan was to refinance or cash out refinance to buy another following BRRRR strategy. What do you suggest? Don't you think this strategy keep building debt which comes with its own risks? What should be our steps to move forward?
Thanks