I currently have just over $444,000 in debt. Keep in mind, I own 9 houses and virtually all of that debt was taken on in the pursuit of distressed real estate. Still, that scares me. Today I am setting a goal to reduce my debt to less than $400,000 in one year. The goal assumes I don't sell any of my assets to pay down debt. In other words, I plan to pay off $44,000 in debt above and beyond any debt that is extinguished from asset sales. The reason I wanted to add this stipulation is because one of my tenants has the option to buy the home they are in. It will be great if they exercise that option, but I don't want that to distract me from continuing to pay down debt.
- $44,000 in 12 months
- $3,667 every month