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Updated about 1 year ago,

User Stats

36
Posts
6
Votes
Paul Bloomfield
Pro Member
  • Atlanta Ga
6
Votes |
36
Posts

Seling to get out of debt and finsih Duplex

Paul Bloomfield
Pro Member
  • Atlanta Ga
Posted



    what advise woud you give me on the following senario.

      1. I’m in a mountain of debt, 2 credit cards max out totaling $38K and owing financial institute. My wife Credit card is also max out. The reason I have these depts was to help finish the duplex, where we currently live on one side but need more funds to finish the other side. When that one is finished, I can get at least $3K for rent, which would pay 60% of the $5Kmth mortgage. However, I need approximately $35K to finish the remodeling on this one.
      2. For me to pay off these depts and finish the other side of the duplex, I was thinking of selling a single-family property in Orlando Florida. Due to the recent insurance rate hike, this property monthly payment is $2200 rent is $2250. I owe $278K and it can be slod for $430K.
      3. I also owned a 4plex, which I can do a cost segregation, which could give me approximately 40K. This could finish the other side of the duplex but i will still be in debt.
      4. Is there another way to get out of debt and finish the duplex? or i should just sell this, clear my debt, finish the duplex, and still have some to do a down payment on another 1-4 units. But I would be selling a property that has given me all that I own.
      5. My goal is to own 30 doors (1-4 units) by the time I’m 60, I’m currently 52years old. We owned 8 doors including the one we are currently house hacking and the one I’m looking to sell.

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