Payoff debt first or Investing ???

Payoff debt first or Investing ???

St. Petersburg, FL · Member since 2011 · 45 posts · 5 votes

Hey everyone, over the last two years or so I have been trying my hand at wholesailing with no real success, now I was at one point in time one of those newbies who was gullible enough to believe that you don't need any money to invest or wholesale or any other thing associated with real estate, which I have learned over the past two years is just not true. With the little money I do have to commit to my small marketing campaigns I have come to a little bit of a fork in the road, I have come to the conclusion that maybe if I first focus on paying off all of my debts that I can actually have more focus in the future on my real estate investing/ wholesailing when I actually have the cashola to spend. Now I know there are a great number of people here with wisdom and knowledge, so I would like to ask would you focus on investing and paying down consumer debt ? or would you just focus on paying off debt first with the thought process of being able to focus more on real estate investing in the future because your cash position will be a whole lot stronger without consumer debt.

The reason for this question is because I feel that the little bit of money I have to commit to my marketing campaign may not be effective enough, and I'm seeing more cash going out than coming in and with this consumer debt on my back I feel it would be more of an advantage to payoff the debt now so I can commit more marketing dollars later. What would you suggest ????

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Grand Rapids, MI · Member since 2013 · 99 posts · 30 votes
13y

Yes, pay off all your debts first - even student loans.

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  • St. Petersburg, FL · Member since 2011 · 45 posts · 5 votes
    12y

    @ graham m

    things are working out pretty good right now, I am focusing on knocking out my credit card debt since that has the highest interest of all of my debt, once I free that cash up from paying that debt down, I will focus on marketing . For now I am reading a bunch on bigger pockets, driving neighborhoods and planning my strategy. I want to wholesale but I don't think that is the best strategy for me now, so once my debt is paid up I am going to focus on purchasing my first duplex since that is what I want to do anyway. For now I'm working my full time job and running a part-time carpet cleaning business to pay down my debt and build some savings for my first purchase. All in all its hard work and the key is just building some momentum.

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