Pay off my car loan or invest..
Hi all. I have a car loan for about $11,000 that I have been paying for about a year now. I had my Mom co-sign for me due to having 0 established credit. I plan on refinancing soon, due to me paying nearly 6% on interest. I have been saving roughly $600 a month towards my first rental property down payment. What I'm wondering is your guys' opinion on weather I should tackle my car loan before my first investment property? Once I'm in the REI game, I realize I will be on the hook for God knows what kind of repairs/costs that REI brings. Your opinions please!
Thanks in advance
Most Popular Reply
I'd either pay the car off or sell it and buy one for cash. I wouldn't recommend you go into real estate investment carrying consumer debt like that. Live lean and pile up some money. Should be able to resolve that small hurdle pretty quickly.