What would you do???

[Teresa Thomas]

My husband and I just paid off all of our bad debt with a HELOC, 28k, two months ago. It's now paid down to 26k. We pay roughly $1000 a month on it now. Our home is worth 275-280k. We owe 205k on it. Our credit scores are great, 750 and above. We want to use the HELOC (once it's paid down) to buy our first rental, multi-family. We live in WI, great areas here to invest, small midwest towns.

I'm getting antsy! I want to invest NOW! But, I know we need to wait until the HELOC is paid down. We have started an account for cash reserves and emergencies, 2k, and continuing to put money into that as well.

We read and listen to many podcasts and real estate books. What else would you do??? We are looking to buy our first rental property in Summer 2020.

[Theresa Harris]

Start doing your research now.  Use that 'I want to do it now' energy to find ways to pay down your debt faster.  Are there other expenses you can cut?

End of winter is a good time to buy, especially if it needs a bit of work as it gives you a month to get the work done.  It is harder to rent in the winter, in general, but housing prices are lower.