Updated over 2 years ago on . Most recent reply
I’m not sure what to do
Hi BP friends, I need help with some direction or ideas. I’m in a market in upstate New York, where no one works , everyone is on some sort public assistance, tenants struggle to pay Their rent, and I cannot find decent contractors. However, I owned 6 properties with a commercial loan , I just sold one that was owner financed and I have 50k now.
I have several ideas , 1) get rid off my credit card bills, or 2) pay off my commercial loan which is 58k , and I would own the property outright and do a re-fi. 3) Sell my properties and start fresh which all together I can possibly get 175k.
I do have a full time job, which pays for my car note and my sister and I just share a mortgage in New Jersey for our private residency.
I know I have a lot going on. I’m just scared that If I hold on to this money long enough it might disappear. I just want to scale up not down.
Most Popular Reply
#3 Managing Your Property Contributor
How much is the interest on your credit card bills and your commercial loan? If they are higher than the return you'd get on the money elsewhere, pay those down. I don't understand why you'd pay off a loan though and then refinance it.
If you sold your properties and started over, what would you buy? It doesn't sound like you should buy a rental where you live.