I am mapping out my plan to get started in real estate by flipping a property or buy and hold. I am still doing research every day and will decide which one I will do based on the best deal I can find. My goal is to buy a house in 2016. I have bad credit and not a lot of cash, so I will be trying to fix my credit and save as much money as possible. However, I was wondering should I pay off my car (19,000) or just save money to buy a house?
I know paying off my car will help my credit but if I save up that money I could use that money to help buy a house. I need advice.
It's good to hear that you have a goal! That's always the first step. As for rebuilding your credit. It sounds like you have some credit history already being built with your car. I'm wouldn't change anything there except keep making the payments. Outside of that I would make yourself a budget and stick to it. I don't know what has brought about your "bad" credit but the majority of the time sticking to a stick budget will fix the issue.
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