Updated over 9 years ago on . Most recent reply
What to do with $56k.
Hello all. I have a question, but first my background. I currently have a rental that is about valued at $86k and my debt is $94k. I bought in 2008 and have had decent occupancy since, but have not came close to turning a profit. My current job allows me to maintain a decent lifestyle and save, however I only have 3.5 yrs left on the contract. I am looking at about $56-60k of savings once i'm done.
My current condo I live in has an appreciation of about 5% annually (Hawaii) and I plan to sell or rent out in the next 4 yrs.
My question is what should I do with the savings.
1. Pay down extra on the principle of my first property.
2. Pay down extra on my current loan.
3. Use the money down on another property once I move/ sell my current.