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Updated over 3 years ago, 07/27/2021

User Stats

55
Posts
30
Votes
Eugene Rabinovich
  • New to Real Estate
  • Charlotte, NC
30
Votes |
55
Posts

Pay Down Debt OR Invest in Real Estate?

Eugene Rabinovich
  • New to Real Estate
  • Charlotte, NC
Posted

Hi everyone,

I plan on investing in real estate I am conflicted...

Currently I owe $31,000 in student loans, I can't remember my interest rate but it's under 6%. I also owe $10,400 on my car and I have a $700 left on my credit card. 

If I were to focus on paying down my debt then I would be able to put an extra $662 (plus my minimum payment) towards my debt payment per month. If I were to focus on my car then I would have it paid off in under 12 months and if I were to focus on my student loans then I would be able to pay it off in about 3-4 years.

So my question is Do I pay off most of my debt or do I focus on using my money for a property?


by the way, I live in an apartment and I plan on buying a fix and flip or something which I can rent out after a year or two as my first deal.

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