Updated about 6 years ago on . Most recent reply
Using REI to kick student loans
I'm still working on building up cash reserves before jumping into investing, but I want to nail down a strategy to pursue once I have enough cash. I really want to pay down student loan debt to $0 so it's not hanging over my head while I'm trying to build wealth. I'm wondering if wholesaling would be a good route to go for this so I can learn the ropes in REI and also use profits to pay down debt. I would like to be able to reinvest all my cash flow from rentals into more properties, so wholesaling would give me income without having properties to manage. Is that a good strategy, or would I make more profits from investing in rentals than wholesaling and be able to split cash flow between debt management and reinvestment?
Most Popular Reply
@Kyle Shrum I had the same thoughts as you do when I got my first Investment Property. It was a little daunting looking at my student loan and car payment and thinking if it was a good idea to dive in while i have that debt.
With what your current situation sounds like, I would say your in a great position to invest! I think with how cheep money is right now there are tons of options for you to get a good BRRRR going! What you focus on expands! I think if you focus on the debt that's all that will change, if you focus on growing your rentals, your income and cash flow will grow making your loans a smaller percentage of your focus! Keep networking and keep surrounding yourself with all the other positive people who are doing it, your going to be a rock-star.
just my .02, Buy and Holds will start to compound your success. oh yea, my first 2 properties where bought on land contract, so there are great ways to make deals come together!