Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

13
Posts
2
Votes
Brendon Seiffert
2
Votes |
13
Posts

Should I get a rental while in debt

Brendon Seiffert
Posted

Hey Guys

I was wondering if you’d be willing to answer a couple questions me and my wife have, about our finances and if we’re in a position to get into real estate.

We feel like we are, but we’ve been doing the Dave Ramsey method for a almost a year now, we’re scheduled to have no credit card debt by end of February 2019.

Our plan was then to move onto my school debt, which is $170 a month, with a balance of approximately $9,000 remaining. Then onto my wife’s care which is $207 a month and a balance of about $4,500. If we stuck with this plan we should have no debt by June 2019, maybe May.

after this we were planing on saving for a down payment and purchasing our first multi family property

We both work full time now and make about $106k before taxes.

But we’re really considering saving this money and using it for a down payment.

Just curious what your opinion on getting into rentals while still having debt would be.

Thanks

  • Brendon Seiffert
  • Most Popular Reply

    User Stats

    1,581
    Posts
    1,494
    Votes
    Bob B.
    • Investor
    • Jasper GA
    1,494
    Votes |
    1,581
    Posts
    Bob B.
    • Investor
    • Jasper GA
    Replied

    @Brendon Seiffert Congratulations on having a get out of debt plan. IMHO I'd keep hammering win the debt before buying an investment.  

    Loading replies...