Purchase Home, Consolidate 15k Debt, or Purchase Rental Properties? Maybe ALL 3

[Shaniqua Dupree]

Hello All,

I have been really contemplating on what to do first and cant figure out which so I think ill just give my reason to each. Im looking for some really good sound advice. Real Estate Investing will be my full time career in a year or two.

Purchase a home: I want to use my VA Loan so I don't have to put money down and my mortgage is less than my current rent. $400 less. Also, so my mom could move in with me.

Consolidate Debt: If I added all of my interest  rates together it would total 37 PERCENT. That's too high. I can pay off a 15-20k loan off quicker.

Purchase Rental Properties: As obvious as it is I would like to be a landlord, have extra income, and build a goal for savings. Plus be financially free.

ALL THREE: Is that going to be hard to do? I was thinking of purchasing my own home, then consolidating my credit, and finally getting a rental property. Does that sound doable?

[Andrew Bondarchuk]

@Shaniqua Dupree - you wouldn't add the interest rates together. You are not paying 37% of the total debt, you are paying an average of the three, which is lower than the 13-22% that you are hoping to pay. Wrapping those three loans up into one at a higher interest rate would only make matters worse.