Pay Down The Credit Cards or Buy An Investment Property?
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Chris over at Kansas City Real Estate Investing has a great post that many people don’t think about. Go on over and check out why it may be better to pay down your credit cards than to Buy An Investment Property.
Have you always wanted to buy investment property, but never knew where to start? Don’t Wait! Get Started now.
Scott Ficek is a Minnesota Real Estate Agent with RE/MAX Advantage Plus in Minneapolis and helps new and seasoned investors buy and own Investment Property. He owns and manages almost 30 investment property units from single family to multi-family. Find his website at www.minnesotainvestmentrealestate.com or receive his blog via your RSS Feed or in your Email.
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May 15th, 2008 at 9:27 am
Aside from the better return on your money of paying down credit card debt, you also get this return tax free. If you make a 15-20% return on your money investing in real estate or any other investment your looking at a minimum of 15% tax and maybe even more. If you pay down even a 10% rate on a credit card you get your money back by not paying the finance charges and the government gets nada….
May 15th, 2008 at 10:44 am
Wow, it is exactly this kind of post that really makes me love your blog - you’re not just saying, “Invest! Buy with me!”, but actually giving people good advice (like, pay down your credit cards first.)
Investing in real estate is a wonderful, but LONG-TERM proposition, and it’s best to be totally prepared when doing so (and thus avoiding adding to the foreclosure rates!)