PAY OFF DEBT OR INVEST

[Wendy Gomez]

Hello everyone!

I've been listening to bigger pockets for almost two years now and should have enrolled a long time ago but I've been scared I don't even know why.

I've been on a reading overdose for the past two years from rich dad poor dad to the automatic millionaire. I've read and re read about 7 books in the past two years. My name is Wendy I've been very interested in real estate for a very long time but I was always too scared to do anything I come form a long line of "oh no what if it doesn't work and you lose your money" family. I'm sure someone here can relate to that. So my question for all of you Bigger pockets followers is as follows. I have about $50,000 in debt including my car payments which is probably the biggest debt. I would like to refinance one of my investment homes, pull out this amount and re-invest. However I'm not sure if reinvesting the money is the right choice. Maybe I should just get rid of all of my debt??

Two years ago I purchased three properties in Florida all totaling about $110,000 including rehab costs, it has taken me two years to pay off all of that debt I borrowed money to make these investments of course (using a hard money lender). I have been able to rent each house for $650 a month providing me with a cash flow for the past two years. Making back about $43,000 in the past two years. Long story short I would like to do this again obviously the goal would be to create a huge portfolio. The issue is I've spent so much money paying back what I owed to acquire these homes that I have racked up other personal expenses, now totaling $33,000 worth of debt if I don't count my car payment for $400 a month (total owed $17,000). What would you do???? I'm learning so much on bigger pockets but I'm also overwhelmed with information. all advice would greatly be appreciated.

Thank you all and have a great weekend.