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Updated almost 9 years ago,

User Stats

19
Posts
2
Votes
Dutch Smythe
  • Investor
  • Lake Worth, FL
2
Votes |
19
Posts

Should I sell a property to pay off debt

Dutch Smythe
  • Investor
  • Lake Worth, FL
Posted

Hello;

WE have 4 properties. One in Jacksonville is a 500$/month loss- currently for sale. The other 3 in South Florida combine for 1200$ a month.  Property1 we owe 40K- section 8 tenant.  Property2 we owe 80K- a duplex clears 500$/month. Property3 we owe 70k -200$/month. We have 25K line of credit out along with a 13k business line 7K credit card 35K 401K repay over 5 years at 900 a month and 25K 401 repay at 500$month. We are considering selling property 1- a 3/1 sfh for 145K.  Is this the best strategy to sell a property and cancel the debt?

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