Hi all,
My grandmother passed away a few years ago and left her single family home to me. There is no mortgage. We used it as rental property for the past year, but now have a buyer. The selling price is $170,000 with no realtor involved.
My financial breakdown:
$18,000 in subsidized student loan debt (5% interest rate). Graduating from Grad School this May
Making $34,000/year with no benefits or retirement
Fiance's financial breakdown:
$25,000 in unsubsidized (7% interest rate) student loan debt.
Making $40,000/year with benefits and pension
Neither of us have an auto loan or credit card debt. We are also getting married this summer, and expect the wedding to cost around $5,000. We are currently renting, with the goal of buying a duplex this summer (170k-225k).
Another problem is that I have been in school the past 7 years and have a poor work history. We are waiting on hearing back from a mortgage lender, but they are hesitant to give us the loan because of this. They also won't consider income from the other half of the duplex, because we haven't owned rental property for at least 2 years.
So- we have $175,000 in cash, and owe $43,000 in student loans. My initial thought is to pay the student loans in cash, and put $100k down for the duplex. This would leave us with about $25,000 in cash to pay for the wedding and maybe travel a bit.
Any thoughts or advice? I'm only 27 and consider this possibly the biggest financial decision of my life. I am worried that I'll make the wrong decision.
Cheers
My grandmother passed away a few years ago and left her single family home to me. There is no mortgage. We used it as rental property for the past year, but now have a buyer. The selling price is $170,000 with no realtor involved.
My financial breakdown:
$18,000 in subsidized student loan debt (5% interest rate). Graduating from Grad School this May
Making $34,000/year with no benefits or retirement
Fiance's financial breakdown:
$25,000 in unsubsidized (7% interest rate) student loan debt.
Making $40,000/year with benefits and pension
Neither of us have an auto loan or credit card debt. We are also getting married this summer, and expect the wedding to cost around $5,000. We are currently renting, with the goal of buying a duplex this summer (170k-225k).
Another problem is that I have been in school the past 7 years and have a poor work history. We are waiting on hearing back from a mortgage lender, but they are hesitant to give us the loan because of this. They also won't consider income from the other half of the duplex, because we haven't owned rental property for at least 2 years.
So- we have $175,000 in cash, and owe $43,000 in student loans. My initial thought is to pay the student loans in cash, and put $100k down for the duplex. This would leave us with about $25,000 in cash to pay for the wedding and maybe travel a bit.
Any thoughts or advice? I'm only 27 and consider this possibly the biggest financial decision of my life. I am worried that I'll make the wrong decision.
Cheers
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