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All Forum Posts by: Shane Webber

Shane Webber has started 2 posts and replied 5 times.

Post: Renting or paying off bad debt

Shane WebberPosted
  • Homeowner
  • Las Vegas
  • Posts 5
  • Votes 3
Quote from @Caleb Brown:

I agree with Bob, sell those cars. You can find cheaper beaters, getting ready to be married and having 75K in car loans is no bueno. I would lean towards keeping your property but you need to stop adding consumer debt. If you sell your property and start clean your habits will still be there. VA is a great loan so if you can use it on a 2-4 unit you can set yourself up but first fix your spending habits


I never thought you could use the VA loan to buy 2-4 unit. How does that work?

Post: Renting or paying off bad debt

Shane WebberPosted
  • Homeowner
  • Las Vegas
  • Posts 5
  • Votes 3
Quote from @Theresa Harris:

You don't mention what your bad debt is. If is it is something like a lot of credit card debt, then is that something that is still ongoing or was it a one time emergency expense? If it is student loans, then maybe a different story. I agree with JooYung that a HELOC may not be the best option.

Sell it and start fresh knowing what you know now.  After you pay off the debt, you may should have enough for a down payment and can start saving for a rental.  You could also look at buying a duplex or a home with a legal suite and living in one part and renting the other.


 Our bad debt includes two cars about (75k worth), a time share we have with Hilton that is (25k),  combined credit card debt of (10K which is all on a 0% interest credit card). 

Post: Renting or paying off bad debt

Shane WebberPosted
  • Homeowner
  • Las Vegas
  • Posts 5
  • Votes 3
Quote from @JooYung Choi:

Not sure if HELOC would be the best move here. You are just moving your bad debt to the HELOC, which has second lien position on your home. Your rent numbers won't work great either with this on top of your PITI.

What's your interest rate? You could opt for a cash out refi so at least it's a clean transaction. Then you could keep it as a rental because your PITI will be much more manageable.

If you're not interested in keeping it, just sell it! It'll be tax free anyway. 


 Hello JooYung, thanks for the reply! The reason we are apprehensive on doing a refi is because our interest rate is a 3.25%

Post: Introduction to BP!

Shane WebberPosted
  • Homeowner
  • Las Vegas
  • Posts 5
  • Votes 3

Hello everyone,

My name is Shane I am 30 years old, currently working in law enforcement. Last year, I had an on duty injury that could have been career ending. It opened my eyes that I had no back up plan. So I started to look up real estate, which I read the rich dad poor dad and that blew my mind. I eventually learned about tax deed and tax lien auctions, which I have had success. However, I realized that I am wanting to invest in long term rentals and eventually apartment complexes. I have a 29 year old fiancé named Jacqueline and we currently have two dogs, Gunner and Jax.  That's a little about myself and starting my real estate journey. 

Post: Renting or paying off bad debt

Shane WebberPosted
  • Homeowner
  • Las Vegas
  • Posts 5
  • Votes 3

Hello everyone,

New to BiggerPockets! My fiancé and I are currently struggling with a decision and after watching a BP video on YouTube where they said to use the forum figured this be the best place for some sound advice. Currently we own a home, where we have about $200,000 in equity. We were debating on selling the home to pay off our bad debt ($110,000) and purchase a new home due to us having a VA loan would benefit a lot. The other decision was to pull a HELOC and drop the monthly payment from $5,000 to $1,0088. We would then keep our home, rent it out and purchase a new home. We just don't know which the is best way to go about this. Any advice would be much appreciated and thank you for your time!