I am 36 and recently divorced, this and Covid really hit me and my credit hard. I stand currently with 2 home in AZ with about $220k in equity each and a beachfront condo in Mexico that I own free and clear ($300k) . I am currently renting an apartment in Denver to be with family.
I am about $80k in debt which includes personal loans, credit cards and a lump sum I owe to the ex. Each of the AZ properties cash flows about $800 a month net and the Mexico property about $1200.
My plan is to sell one of the properties in AZ, pay off my debts excluding the one other mortgage I would have and take the $140K leftover and buy another rental property in place like Texas or New Mexico in cash. Let that money sit in the market while I rebuild my credit and in a year or two either cash out refi or sell and take that money as a down payment for a house in Denver or AZ as my primary residence.
Thoughts?
Submitted December 31, 2020 at 07:04PM by fastjza80racer https://ift.tt/3rIL1fQ
