I have the little income saved up which could compensate off my 2nd debt which is during 8.25% as well as has the remuneration of approx $250/month, or could be used as the down-payment upon the apartment house which could be rented for may be the $100 distinction any month.
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{ 5 comments… read them below or add one }
The less in debt you are the better. Or try to refinance your 2nd mortgage for less than 8,25%.
Good Luck
Your choices are to put your money into something that will ** definitely ** save you $250 a month, or to put it into something that will ** possibly** increase your income by $100 a month?
No brainer – pay off the second mortgage, get your debts lowered. It is more money in your pocket than a rental, with none of the headache that comes with being a landlord.
I would then take the $250 you are no longer paying on your mortgage, and look for a way to put that to work saving you even more money (like pay off a car loan faster).
Pay off your second mortgage.
If you run into unexpected financial trouble, such as a lay off etc.- it’s better to have less debt.
After you pay off your 2nd mortgage then work to pay off your first. Once your house is paid off, then work to save up money to purchase an investment property outright.
Paying second Mortgage [2nd mortgage] is the better choice.
I do found a second mortgage provider here : http://www.mortgage.crosspower.in/
If the condo is selling at a discount, and will begin appreciating soon you would be better off to invest in real estate. This will increase your cash flow and your net worth. Just make sure the condo will make you money.