Should I be debt-free, or should I invest in RE to become debt-free?

(2) For purposes of this section, "rent skimming" also means receiving revenue from the rental of a parcel of residential real property where the person receiving that revenue, without the consent of the owner or owner's agent, asserted possession or ownership of the residential property, whether under a false claim of title, by trespass, or any other unauthorized means, rented the property to another, and collected rents from the other person for the rental of the property.

my debt is ok but could be better.

Interest will vary but will run from 7% to 8% most likely for a fixed rate.They will require the following info:Balance Sheet2 Years Tax ReturnsRent RollProperty Info - what it will appraise for, the loan amount your asking for etc.To qualify you need a credit score above 620, debt service coverage on you properties 1.2 or above, enough cash reserves for the number of properties you have.Appraisal and attorney fees are paid for out of the closing usually.

You say debt is $6000/year and the loan is six months behind needing $3000 to bring current.

It seems the downpayment with my end buyer is as ggod as an assignment fee but then I get a little bit of spread on mo.income vs. mo. debt and I get the spread of the sales price when the end buyer cashes out so it sounds really good but what am I missing?

in about a year i should be making 60k+/year working around 30hrs a week with zero debt.

Another way I use financial statements is before I get ready to make a deal, or when my personal financial situation changes, for example needing to move or earn more money, I will look at my income statement, my balance sheet, and my list of properties that shows value to debt numbers and cash flow numbers.

There has been horrible accounting as to where exactly the money has gone & I do not expect that to change.In my opinion we are simply debting ourselves into a greater problem.

Adam forget about the HELOC and focus on finding a house that someone is in trouble with and take the property over SUBJECT TO THE EXISTING MORTGAGE.You can also do a lease with option to buy and then negotiate not putting down a whole lot of cash and getting rid of credit card debt and other debt.Loosing a job is not the problem.