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Updated over 6 years ago on . Most recent reply

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Madeline Jary
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Pay off student loans or invest?

Madeline Jary
Posted

Hi all,

So, I am new to this site and am very excited to learn and hopefully grow in the real estate world. I am itching to get into rental properties, but know I need to do some research and saving before I can make that initial investment. 

having graduated from grad school last year, I have a lot of student loan debt. I have been paying it off aggressively and am very proud of my progress there. I have also managed to save a good portion every month. My goal would be to use these savings to purchase a rental property. SO, a couple questions....

-Should I pay off ALL of my student loans before investing? (This would likely take 3 more years to do completely)

-Would you recommend single family homes or multi unit buildings for a first investment?

-How much do I need saved for a down payment? is 20% accurate? should I put down more?

-Is buying a property that is cheaper, but maybe needs a new kitchen or bath better than paying for a nice upgraded property?

Thanks for any advice!!!

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