Updated about 10 years ago on . Most recent reply
Thoughts on current financial position?
I own 2 rentals with the second one just coming to market. Total investment of my own money is $25k, however I have borrowed $55k at 8.5% interest only through a private lender, and have another $30k between (2) 0% credit cards. Now that my second rental is filled I can take the next steps of reorganizing this debt. Any solid suggestions on what to consider? My credit is 800 as of this post, but I have spend a TON this last month getting #2 to market. I also have no personal debt besides my primary mortgage and car payment.
Total Cash on hand: $4k
Total Business Debt: $85k not including my $25k invested
Total Value: $135k between both house
House 1 value = $55k and rents for $675
House 2 value = $80k and rents for $900
I would prefer not to sell either of these but I will if needed.
Please let me know what you would do. Thank you in advance!