money, credit cards and real estate investing.....?
Okay heres the question. I am expecting to receive about $16,000+ very shortly. Coincidently, I also have about 15,000 in credit card debt. I would like to begin investing in real estate. Would it be better for me to (A) take the money and pay off my cards or (B) take only a portion and pay off part of my debt, and keep the rest of the money for down payment/repairs on a real estate investment? My credit scores are 607, 671, and 649, so I have good credit. However, I do not have well documented income, so I will probably need to do a no-doc loan, and thus would probably need the money for a down payment and/or repairs. Please give your opinion.
Public Comments
- It all depends where you are at. I live in Ca and am about to buy a house I am a first time buyer. I have a Friend who is a loan officer and is helping me. I asked if I should put 40K down on the house he said it will help, but here is the kicker if you finance a house 100% you will get what they call a 80/20 loan and it will cost you alot to pay it back if you put all of your money down you have no back up also you need to boost your credit score a tad bit higher and that will help. So I would pay some of the credit cards and the rest I would hold on to for your morgage payment. Good luck
- why don't you raise some more money as a real estate birddog. (if you don't know what real estate birddogging is, check out http://www.real-estate-investor-birddog.com
