Money in the bank is important, so are IRAs, college-funds, diversification, paying down debt, etc.

Make sure you have the tenants sign the proper legal documents turning over possession of the unit to you and that they hand you the keys before you give them the cash! 

His point is clear though, if you have the risk tolerance, you can be financially free long before you can be debt free if you employ intelligent leverage.

There are cancellation of debt rules but we won’t go there because I assume you won’t default on your loan.

Also, qualification and documentation are more tedious because the loan has to able to global debt service.

Spreading that income too thin and being stressed about servicing too much debt will tax your marriage.

Total debts come to about $97k, the appraisal came in at $120k, but comparable sales in this area are $85k at best.

He wants to also purchase his own home next year before his wedding, but again has no money for this, actually has a good amount of credit card debt.

Hi Everyone,So I've been back in the States for about a year a couple of months after living abroad.Living abroad has open my eyes to creating new goals in my life.I used to think I want to live debt free (almost there, minus student loans).My current goal is to live Financially Free, to be free of a JOB and to focus on what I find important.2018 is the year of beginnings for me.

I have no debt or any monthly payments as i live at home with my family.