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Updated over 6 years ago on . Most recent reply

User Stats

27
Posts
12
Votes
Nicholas H.
  • Rental Property Investor
  • Norfolk, VA
12
Votes |
27
Posts

what is "THE RIGHT" debt move?????

Nicholas H.
  • Rental Property Investor
  • Norfolk, VA
Posted

Alright. So I'm going to be as transparent as possible without giving away too much personal info and i want to get professional feedback. I have a townhome that is making positive cashflow and i have my primary mortgage. I have acquired these through the power of a VA loan without any money down. i have used up all my VA eligibility. I have some cash reserves not much. The big old kicker is that i have about 45-50k in random consumer debt that i would love to just pay off and free up so much cashflow to save, invest, vacation etc. I am by all means not struggling . My family lives a comfy life with eating out about 2-3 times a week and buying things if we need them but the debt excluding mortgage related eats about 47% or more of my monthly income.

SOOO.... to continue onto the actual question that i had. should I continue saving the small amounts that i can for my next big investment (6-8 units) and continue making the mins,  OR free up the hundreds of dollars per month that is going right out the door to payments and interest. Either one i do will be priority no half in half out 

For some, this is a very simple equation. DEBT=BAD or save and continue to invest. i guess i just want to see where other young or seasoned professionals think and if anyone has any tips and tricks. Thanks for the love ;) 

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