Hi all - I am going to get a little personal in the post and would really appreciate some honest feedback. Obviously, at the end of the day - we'll have to do what we'll do - but it would be interesting to hear opinions from fellow business owners and real estate investors.
I have run my own digital marketing business for ~3 years.
I currently rent a house in the south-east coast of the US ~$1,000 a month. My wife and I have over $150k in student loan debt (8% interest). We have some CC debt - but should be out shortly. Debt ratios not a major concern here as student loans are pay as you earn.
I live in an area near a major university that is actively being "revitalized". I was considering the pro/cons of an FHA Rehab loan. Does anyone have experience with/or recommend this type of mortgage? Should we continue to rent as we grow the business/pay off debt? Or is there a major advantage to buying now? Should we buy a multi-unit dwelling as an income generating asset? (these are hard to find and usually overpriced)
Lastly, with quite high home values right now in the market- would it be good to look at foreclosures or liens?
I have run my own digital marketing business for ~3 years.
I currently rent a house in the south-east coast of the US ~$1,000 a month. My wife and I have over $150k in student loan debt (8% interest). We have some CC debt - but should be out shortly. Debt ratios not a major concern here as student loans are pay as you earn.
I live in an area near a major university that is actively being "revitalized". I was considering the pro/cons of an FHA Rehab loan. Does anyone have experience with/or recommend this type of mortgage? Should we continue to rent as we grow the business/pay off debt? Or is there a major advantage to buying now? Should we buy a multi-unit dwelling as an income generating asset? (these are hard to find and usually overpriced)
Lastly, with quite high home values right now in the market- would it be good to look at foreclosures or liens?
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