Seling to get ou od dept and finsih duplex

[Paul Bloomfield]

what advise woud you give me on the following senario.

1. I’m in a mountain of debt, 2 credit cards max out totaling $38K and owing financial institute. My wife Credit card is also max out. The reason I have these depts was to help finish the duplex, where we currently live on one side but need more funds to finish the other side. When that one is finished, I can get at least $3K for rent, which would pay 60% of the $5Kmth mortgage. However, I need approximately $35K to finish the remodeling on this one.
2. For me to pay off these depts and finish the other side of the duplex, I was thinking of selling a single-family property in Orlando Florida. Due to the recent insurance rate hike, this property monthly payment is $2200 rent is $2250. I owe $278K and it can be slod for $430K.
3. I also owned a 4plex, which I can do a cost segregation, which could give me approximately 40K. This could finish the other side of the duplex but i will still be in debt.
4. Is there another way to get out of debt and finish the duplex? or i should just sell this, clear my debt, finish the duplex, and still have some to do a down payment on another 1-4 units. But I would be selling a property that has given me all that I own.
5. My goal is to own 30 doors (1-4 units) by the time I’m 60, I’m currently 52years old. We owned 8 doors including the one we are currently house hacking and the one I’m looking to sell.

[Shawn McCormick]

@Paul Bloomfield Sorry to hear you are in this situation! I'm sure the c.c. debt is also carries very high interest rate which you won't be able to overcome easily and not pay down the principle. And doing cost seg isn't going to put money back in your pocket either. 

Selling the Orlando property could be a good option. Where in Orlando is it? If it is in a high-appreciating area of town, maybe look to do something else so you don't lose that as long as you aren't losing on it monthly. But if you are somewhere that the values aren't rising as quickly as they were in the past several years and you're basically breaking even before any vacancies,capX, it may be worth letting go. Rents aren't rising here so definitely something to consider. I'd be happy to evaluate the property for you and give you an opinion on value and how quickly homes are selling in the neighborhood. 

Let me know if I can help in any way, Best of luck!