Updated over 9 years ago on . Most recent reply
In Denver and new to BiggerPockets
Hello!!
Very glad I stumbled upon BiggerPockets this morning! Hoping to get some thoughts about our situation...
My wife and I own two single family homes and one condo in the Denver, CO area and are looking to sell the two single family homes in order to pay down our debt, which is mostly student loans. We are under contract on of one of these homes, supposedly closing on August 25th.
Our goal (like many others) is to pay off our debts. Our student loan payments are basically like another mortgage payment. We do make over $200k per year so we can handle the payment, but we want to get rid of the debt as soon as we can, hence selling the properties. We've briefly discussed re-investing our proceeds into another property (or properties), but aren't sure if we want to stay in the landlord business. We are both in the healthcare industry and work 50+ hours a week, so don't get a lot of free time outside of work.
I'm interested in looking at investing in multi family units, possibly a small apartment building, those sort of things. Looking forward to digging around this site. Anyone have any advice, suggestions, thoughts?!!
Thanks in advance...
Mark
Most Popular Reply
What are you going to do when you pay off the debt? Acquire MF properties and go right back into it? Not only will you probably have a cap gains hit when you sell plus transaction costs, but you'll lose that rental income.
If you don't want to stay in the landlord business, then why are you thinking of small apartments and MF???
Sounds like you both need to lay out your goals for real estate investing if that is even what you really want to do. My goal is to replace my income with rental income. I, like you, work 50 hours a week, and it is not something I would want to do long term. Think about what you really want to do, develop a game plan, and go for it.