I'm new to the BP community! Learned a ton so far.
My wife and I are a young couple looking to get started in the real estate investing game. Meanwhile, since September of 2017, we've been aggressively paying down our debt. We've tackled our car and one major loan thus far (approx. $34k), and I've projected that we could pay the remaining $45k by June of 2019 if we keep going at the rate we are now. This is very exciting but I can't help but wonder if we should continue to be patient while paying off debt before we get into real estate or figure out a way to jump in get a property to house hack or live in flip etc.. I'm thinking if we jumped into real estate now, it would prolong how much longer we'd be in debt. So, should we continue to put our heads down and mow through debt or save up and get into the REI game?
I've been stumped by this. Any and all feedback and advice would be greatly appreciated! Thanks!
Thanks for the advice! That’s what I’ve been leaning towards for sure.
Welcome @Sam Parkinson ! Great job so far on tackling the debt.
I think that it really depends what both you and your wife have decided on what you want your goals to be. Before you start investing, I would spending most of your time trying to learn.
I spent over a year listening to the BP podcast, reading many books, and just learning as much as I could about investing before finally taking the plunge. Ultimately, you need to come up with some sort of plan on what you want your "end-game" to look like, where do you see yourselves in one year from now, five years, etc. Some people want to develop their own real estate empire, others just want financial independence.
This will help you to both make a solid plan that is ready to go when you feel like you have done enough. Creative financing is certainly a good route to go, and will help you to get started if you want to do it while paying down your debt. However, it depends where you both are on your risk-tolerance for taking on additional debts while you have student loans that have to be paid no matter what.
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Payoff the debT.