SALE OR RENT OUT (first home)

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SALE OR RENT OUT (first home)

Maurice Norville
Rental Property Investor · Las Vegas, NV · Member since 2019 · 3 posts · 0 votes

I bought my first home last year (town home: 2 bed 2 bathroom 1 car garage). Mostly off the Strength of rent in Las Vegas was going up and I can own a home for what I was renting for. I have a plan to move to Atlanta Ga with in two years. Save 20,000 and spend this time while I'm saving as if I was in school and research as much as I can on real estate investing. Take that 20,000 and "BRRRR" in Atlanta. So I figured I could rent (looked at rentals in the area I would be barely making mortgage and I have HOA fees). Or I could sale what seems pointless and I don't see any profits coming. So what I am working with is 62,000 paying job debt 7,000 took against my retirement fund, car at 35,000,and 16,000 on student loans. I have been aggressively paying down this debt but starting to think I should start paying minimum save the rest for investing till I have a bigger income. Any help or guidance would mean the most.

Thanks

Age is 30

Credit is at 750

If any of that plays a part.

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  • Account Closed
    Member since 2018 · 214 posts · 175 votes
    7y

    As we are getting closer to the end of the cycle.  It may not be a good time to invest now...  it may be a better idea to reduce the debt starting with the highest interest rate first ...

    1Reply
  • Tracy Uscinski
    Rental Property Investor · Boscawen, NH · Member since 2019 · 26 posts · 13 votes
    7y

    @Maurice Norville Hi Maurice, I like the way you’re thinking & you have a pretty nice income. First thing, you probably need to get rid of that $35,000 car payment! You may want to work towards selling the car on Craigslist, if you’re underwater on the car loan, you may need to save a little extra to put towards the loan to pay off the dealership to get the title. A $5k- $10k car would probably get you around until you move to Atlanta & would get you closer to your dream.

    Would you plan to stay employed with the Post Office in Atlanta? If not, you may want to find out from HR if the 401(k) loan becomes due when you leave employment. Without knowing your whole financial picture, I bet you could eliminate of the $23k in 12-18 months. Best of luck!

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  • Maurice Norville
    OP
    Rental Property Investor · Las Vegas, NV · Member since 2019 · 3 posts · 0 votes
    7y

    @Ran L.

    Thanks for the advice , lowering my debt does seem like an good idea.

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  • Maurice Norville
    OP
    Rental Property Investor · Las Vegas, NV · Member since 2019 · 3 posts · 0 votes
    7y

    @Tracy Uscinski

    Thanks Tracy think working on putting more toward my car would be best. I owed more on my last car then it was worth so it added on to this one. So I am definitely under. Also I will be keeping my job I work for the post office as a supervisor so won’t be hard for me to transfer , I’ll probably work till my time is needed more in my property.

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