What is a better choice??

[Chris Pelletier]

We have recently purchased a rehab property. We have decided to hold it and rent it out until the market improves. My question is we have some consumer debt we need to pay off. Would it make more financial sense to pull out the equity in the house to pay off our debt?

We could refinance the property for 140K, projected rent is 1400/month.

Or we could keep the property at 105K and rent it out for 1400/month then focus 110% of our energy into wholesaling until we pay off our consumer debt completey.

Please do NOT tell us we shold not have started investing until our debt is paid off. We know that NOW. We just need to know the best way to get out of this whole we've dug.