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Joseph E Salem
  • Lowell, MA
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Paying off debts before investing?

Joseph E Salem
  • Lowell, MA
Posted Sep 13 2017, 09:59
Hi everyone! Long time lurker/podcast listener, first time poster. I've been reading and researching my local market for a bit, and feel confident that there are some good deals around. However, my primary focus has been paying off debts that I've unfortunately accumulated over the past couple of years (roughly $2k in credit card debt, and a car payment with about 13k/4 years left on it). I must say that I'm aware of the financial mistakes I've made, and know better not to make them again. My question is this: should I be throwing all of my money at paying off my debts before investing, or would it be wise to save my money for the up-front expenses of my first investment property (while of course making the necessary minimum/moderate payments towards my debts)? I believe that my market (Lowell, MA) could offer some sizable returns on some of the multi-family properties available; passive income that would help me pay off these debts. Are there any investors that have had this dilemma in their beginnings of building their portfolio? Your thoughts and comments appreciated! -Joe

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