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Replies (4)
depending on your interest rates on your credit card debt, you may be looking at this all wrong. If some of your rates are more than 10%, your best investment would be paying off the debts, starting with the highest interest rates first. Simply put, looking for more debt right now would be foolish.
- Wayne.T_ .....Colo.
- Contributions:1003
bee ...... sound advice above. Be very agressive about reducing the $85k cc debt or you may need bailout yourself. RE investment opportunities will remain for some time.
- Steve Russell, "Steve Russell"
- Contributions:8
The streets are littered with the bodies of people with similar credit profiles that got in over their heads. Taking on a rental property when you have $85k in revolving debt is very foolish. Get serious about getting rid of that debt and the high rates you are paying, then prepare to build your real estate portfolio.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
busy,
Depends entirely on your income and the amount of your down payment. The amount of revolving debt doesn't necessarily hurt your chances if you have sufficient verifiable income to support all the monthly debt payments as well the payment on your current residence and the payment on your investment purchase.
Lots of assumptions were made in these previous responses. All the credit card debt could be at 0% introductary rates. The poster could have 300,000 in savings with plans to pay everything off in full when credit card companies stop giving him free money.
Any tips for an investor w/big credit card debt & professional job to get investment loan?
I am currently a Texas pharmacist with about $85k in credit card bills due to bailing out the family business. My bills are paid on time and my credit score runs around 700, depending on which credit bureau you ask. Is it still possible to get a decent interest for a real estate investment loan? I don't want to get a hard money loan since those are too expensive.
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