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Updated over 9 years ago, 07/15/2015
60K to Invest or pay off debts?
Hey guys, I am new to BP, but am very impressed with the amount of experience and knowledge on this forum and its members. I need some financial advice.
I have 2 Rental properties where I am owner occupant of one of the multi units.
I have 60k in equity in one of the properties that I will like to use to consolidate debt or continue buying more rental properties for an additional cash flow with a HEL at 4.50% interest.
I have debt amounting to $1,500 / month that I can consolidate with a Home equity loan and be free and clear or use the 60k or a portion of that amount to continue buying more rental properties at 20% down where decent SF or Multi Units go for 60k.
car loan at 440/month - 17k left
installment loan 375/month - 30k left 8.5 interest
credit card 500/month - 7k left at 0% interest for 14 month
HELOC - 200 / month - 9k left at 3.50% interest