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Updated 10 months ago,
What would you do?
Ok so here it is:
We own 2 properties with no debt on them, one is valued (according to realtor.com) at $256k and one is around $60k.
Kicking myself for not growing our portfolio sooner but better late than never I guess.
Here's the thing -
We don't live in the US, my husband is a US citizen but since he hasn't lived in the US for many years he has no credit history.
Now comes the fun part - we are in a lot of debt where we live (like $115k in loans). My husband started a business recently so income isn't steady and my income is on the lower end and we are struggling to cover our expenses since we have so many high interest loans.
So my question is like this:
1. What financing options are out there for us to take financing against one of our properties being non US residents with no credit history?
and
2. Should we use that financing to pay off our debt where we live or use that to take on more debt and grow our portfolio? I think the second option makes more sense in the long run but is it smart to do when we can barely cover the debt we have now?
Open to any other creative ideas to get us out of this mess. Feeling desperate and hopeless.