Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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.
Buying & Selling Real Estate
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 6 years ago,

User Stats

12
Posts
15
Votes
James DuBois
  • Columbus, OH
15
Votes |
12
Posts

Buying Home Before Paying Off Student Loans?

James DuBois
  • Columbus, OH
Posted

Hey, I was wondering, I'm in the process of 0 balancing all of my credit cards. The only debt I will have after that is about $8500 in student loans(DIRECT UNSUB STAFFORD LOAN), its 3 loans but the highest interest rate is 4.66%, the expected payout year is 2027. My minimum monthly payment is about $52.00 a month but I generally pay around $120 to $150. I currently pay $940 dollars a month in rent, not including utilities. I am currently 24 years old. My salary range as I won't give the exact is somewhere in the range of  $75,000 - $95,000. I'd really like to start saving for a house(multifamily) once I finish wiping out my credit cards. I've been listening to Dave Ramsey a lot and he advises most people to pay off all debt before buying a home. 

I was thinking that once I have no more credit card debt, I will start saving for a house. Dave Ramsey would probably say wipe out that student loan as well before buying a house. I would prefer to save the money that I would be using to wipe that loan out and buy a multifamily and househack. Once I'm in said home I would purely focus on my only debt at that point(minus the mortgage) which would be the student loan and just throw as much money at the student loan as possible each month until its gone. 

I am seeking input, please feel free to give me opinions as I am seeking some guidance.

Thanks!

Loading replies...