DEBT TO RATIO is holding me back enough for banks to say NO everytime i get to the underwriter part. Truly stinks and a waste of time for everyone..
If anyone with same experience can give me tips or advise id truly appreciate it. Cant let debt stop me..as thats the only main block on the road.
Ive got property paid off already but even with property as collateral still debt to ratio is a problem.
My question is what can i do to fix this..work off to pay the debt or consolidate? (since i cant refi my property to pay off debt).
I would pay off credit card debt ASAP. The interest rates are too high on credit cards to allow the debt to sit there. Plus as you are discovering it will hurt your DTI.
I would personally hold off on investing until your credit card debt is gone. Find a way to reduce your living costs and/or increase your income so that you can pay off the debt and get back to investing.
Try paying off the credit card debt with a personal loan or balance transfer. It will get you into a much lower interest rate and make the payments easier to manage.
If you still want to invest in real estate you'll probably need to secure private money or seller financing terms until your debt is under control. It stinks but it is possible, you just have to be very creative and motivated.