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Updated over 2 years ago,

User Stats

27
Posts
11
Votes
Michael Barido
  • Rental Property Investor
  • Layton, UT
11
Votes |
27
Posts

Payoff Debt or Move Forward?

Michael Barido
  • Rental Property Investor
  • Layton, UT
Posted

I know this is personal for everyone but I'd like to share where I am. My wife and I have good jobs and we do have $80k in debt (not good debt but bad debt). We have leftover around $3,200/ month and we currently have 2 rentals not counting our house havk basement apartment (yes the cash flow is part of the $3,200/month leftover). These rentals were houses we lived in prior to them being rental. I have HELOCS with my residence and one if the rentals totalling $150k. I was thinking of using the HELOCS to get rid of the $80k which is a higher interest and then knocking thise balances out. My question is would you continue to knock out the $80k debt with the $3,200/month and use the HELOC to invest in real estate or would you knock $80k with the $3,200/month and then use the HELOC to invest?

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