Updated almost 9 years ago on . Most recent reply
Pay off debt first before investing?
Hello BP!!
This is my first post. I've become interested in real estate after talking with a friend about how to get more cash flow. I've been reading many posts and listening to podcasts daily on BP. My goal is to work no more than 40 hours/week at my normal job and still be able to provide for my young family. My normal job brings in $58K. My wife does not work and we have a good amount of "stupid" debt (credit cards/hospital bills/student loans) and
very much in savings and fair credit. I'm an electrician by trade and a military veteran. I'm interested in buying and flipping and maybe even owning a couple rentals in the near future.
My main question is should I pay off my debt before
looking into investing? Thanks in advance!
Travis
Most Popular Reply
@Travis Billings it depends on what the debt is. If we are talking credit cards - yes! If it's a mortgage or student loan under 5%, not necessarily. My default answer is always debut but really its a case by case decision. What is the interest rate on the debt/s and how much do you owe?