All Forum Posts by: Philip Abbey

@Jonathan R.

Hey thanks for the advice, I think one big factor that I believe I have failed to mention on my part (my bad for not noticing) is that I do not have a deal in place, nor do I have the funds to do a deal. Up to currently all extra funds have been going to paying off consumer debt, (which we have also stopped accumulating and have been using Dave Ramsey’s method, and then got introduced to BP) this puts me to now where I don’t have extra funds and was putting out there if over the period of the 1.5 - 2 years if the extra money should stop going to the debt and be saved for an investment later on at the end of the 1.5-2 years where I’d have enough for a down payment on my first property later down the road.

@Bob Woelfel

Thanks a lot! I felt paying it off first was better but figured it didn’t hurt to get advice from experienced people just to be sure I wasn’t missing something.

@Thomas S.

That is what I am afraid of. Getting into it and having the debt as something that could bring me down

@Joe Villeneuve

If I understand your question correctly. I am referring to the extra funds that I have left over. Instead of paying extra off each month on the debt it is simply saved for an investment.

Hope this answers what your asking

@Josh Geneva

Hey I just joined BP, and am new to real estate as well. I am about an hour north of Detroit

@Julie Coleman

Beautiful property and great tips and info for someone new to real estate!

@Milton Marcelin

Thanks for the offer! Definitely will message you if I think of something!

Hey everyone,

I am wondering if it makes more sense to pay off existing debt first such as student loans credit card and car debt, or to save up instead to put a down payment on a rental property to bring in passive income.

If I was to go to pay off the debt first it would probably take around a year and a half to two years to do so.

I didn’t know if anyone has had experience already with going about either one of these routes that could give some insight into what is better.

Thanks!

@Theo Hicks

Thanks for the help! If I were to bring more to the table for investing in a duplex where I brought 50% equity and also did the work for finding the deal. Is it ever okay to simply offer just equity in the deal? Or should cash flow also be brought into the deal?

I would not want to be insulting to a partner who would be interested in partnering with me.

@Milton Marcelin

Thanks for that! Definitely helped with understanding that more and understanding the better route to go