I recently got married and we accumulated some debt throughout the process for wedding and honeymoon. I own a home and can clear my debt outside of our two vehicles by selling our house and still have some left over for a down payment on a downgraded property. I want to start new, is this the best route? All suggestions welcome!
@Lawrence Chaney what do the numbers tell you. RE is about numbers. Lose around 10% of selling price. Value of house.equity,interest rate, what would your current house rent. BP has calculatos in the tool section. Your best friend will be a calculator. If I was going to start over I would house hack. buy a small multi and owner occupy with <5% down. Move every year for 10 years and have between 20- 40 cash flowing units. Least amount of cash for investment property. Conventional you need 20% down vs 5% owner occupy. You can buy 4 properties for the same down payment. The only difference would be the additional closing cost.
@Tim Herman Thank you tim. Current house probably rents at 50-100 less than the current mortgage due to a huge local tax deal that went into effect a few months back. House hacking probably the best route.
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