Hello everyone! I will cut right to the chase. In 2012, my husband and I bought a condo that has since appreciated in value by (conservatively) about $100K-$125K. It is our goal to purchase a modest single family home in our area, but it is also our goal to pay off our student loans, and it is also our goal to one day own multiple properties. The options before us are as follows:
- Sell the condo now, use about 3/4 of the money we make for a down payment on a home and pay off the majority of our students loans with the remainder. With this route, even with a higher mortgage in the end, our monthly bills SHOULD go down still by about $250/mo
- Keep the condo now and cash flow through rental (we think we can make about $400/mo extra on rent than what we pay each month), take a home equity line of credit to purchase a single family home, and keep paying down student debt "as we can" (I suspect most readers of this blog will NOT tell us to go this route, but who knows?)
- Just stay in the condo for now, and throw all our extra money at the student debt like our hair is on fire. With this route, I think we could be out of the debt in a little over 2 years.
Thoughts? Thanks fellow frugal friends!