Selling to Pay Down Loans
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 12 February 2019
⏱️ 8 minutes
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Summary
When does it make sense to sell an asset to accelerate the student loan pay down process? What if you have a rental property out there while you're still trying to pay off some significant loans. Should you sell the house and wipe out the loans? That's the discussion on the latest call with Stephen.
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| 0:00.0 | Welcome to the Jill on Money Call the Week. If you would like to get a little free |
| 0:07.9 | financial advice, you can just give us a jingle. How do you do that? Just send |
| 0:12.2 | us an email |
| 0:13.0 | ask Jill at Jill on money.com. |
| 0:15.4 | Ask Jill at Jill on money dot com. That's what Stephen did. What's going on? |
| 0:20.8 | So we have a question that basically boils down to should we sell one of our rental |
| 0:26.7 | houses and pay off student debt. |
| 0:29.2 | So recently married, we got married in August and she had a house that we moved out of and then I |
| 0:36.8 | purchased an investment property as well as we have to her house has |
| 0:40.3 | appreciated quite a bit in this market so So we owe about $157 on it and we with a lot of |
| 0:47.8 | coms around her reasonably think that we can get 220 out of it. |
| 0:52.8 | And then her and I, we have combined student debt |
| 0:57.0 | of about 92,000. |
| 0:58.9 | And so we just recently got back from Camp Fire down in Florida and so we sat down and we have a plan for paying off that 92,000 in the next three years just using our W2 cash flows because we both work. |
| 1:13.0 | So the question is, is we have a rental house, it is cash flowing, so it's cash flows after PITI and vacancies and maintenance probably in the neighborhood of about $300 a month. |
| 1:26.5 | So it's not bad, nothing over the moon, but pretty decent. |
| 1:31.1 | And rentals are a part of our you know long-term financial five plan but we |
| 1:36.7 | want to we've really been going back and forth of should we kind of take |
| 1:40.5 | advantage of this market take the equity out of the house. |
| 1:45.0 | I think that after we pay fees, realtors, and closing costs that we probably would end up |
| 1:49.8 | in the neighborhood with about 45 is the number I've been using just for round numbers. |
| 1:53.0 | But would you also have to pay taxes on the... |
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