Updated over 6 years ago on . Most recent reply
What would you do?
My home is currently worth around $370,000. I owe $255,000 on it, $100,000 being a HELOC that was taken out last year. Additionally, I have 50k in vehicle and credit card debt. If I sell my house, I would be left with 30-50 thousand in proceeds. I also have 50k in my 401k. I am 27 years old and would like to work towards being a full time Realestate investor but I am unsure on how I should approach it, in my current financial position.
A few scenarios I am considering are, sell and rent and continues to save for the market to come down (Washington state). Sell and pay off debt and buy a new home with no unsecured debt but larger mortgage and payment, then save, sell and take proceeds and 401k to buy a multi unit. Or continue to try and pay off all debt while staying in current home.
Any advise would be greatly appreciated! Thank you in advance. :)