u/Frosty_Cow_9597

My husband (30M) and I (24F) bought an investment property for $65k not too long ago. We put 20% down on the property and it needed about $40k in renovations that we lumped in with the loan. Our total loan on the property is $92k at a 12% interest rate for a 12 month loan period. We currently only pay interest on the loan which is about $950/month.

Once the renovation is done the property should be worth $135-145k and would rent for about $1300/month. Our exit strategy after the renovation was to sell the property. If it sits too long, plan B was to refinance and put tenants in it.

Our church has been recommending following Dave Ramseys baby steps which means getting rid of the debt we have on this investment property. Curious how you all think Dave would tell us to do it?

1. Use our current savings (58k between our emergency fund and non-retirement brokerage account) to pay off the loan, finish the renovation, and sell as soon as possible?
2. Keep the loan for the remainder of the renovation but sell as soon as possible and pay it off?

Our plan once we get out of this is to save money so if we do another fix and flip or rental in the future we can do it completely cash. Just wondering what to do in the mean time with this one.

References of our financial situation:
- Combined gross income $250k annual
- Mortgage balance on our primary residence $583k at 6.875%
- No car payments or student debt
- 92k investment loan, 12 months @ 12%
- Contributing 15% to retirement, current retirement balance is $92k across both our accounts
- 18k in non-retirement investments
- 40k emergency fund

Penny for your thoughts?

So I am new to stacking silver. It’s been about a month and a half since I started and I’ve accumulated 7oz so far.

My current strategy is just to spend around $200-250 on silver every time I get my paycheck.

My question is should I keep doing it that way and be at the whim of whatever the price is every other Thursday…OR start just allocating the same amount per paycheck to a “slush fund” and save up u til it “dips” and then buy whatever I can with the money I saved?