offroadaz
New Contributor
I do not have any cash on hand for purchasing an investment property. I thought I could borrow the money with an unsecured loan at a higher interest rate. After a few months I would refinance the house and pay back that loan. Am I going about this the right way?
Heres my quick plan
1. Borrow down payment money using a site like propser.com
2. Purchase REO house or town home at below market value with traditional mortgage.
3. Rent out home
4. Refinance and pay back prosper.com loan
Am I making a mistake by borrowing money for my down payment or is this a normal thing to do?
Last question, should I stay away from condos and town homes and focus only on single family residences or are both okay? Anything I should be aware of?
Thanks for the help
Heres my quick plan
1. Borrow down payment money using a site like propser.com
2. Purchase REO house or town home at below market value with traditional mortgage.
3. Rent out home
4. Refinance and pay back prosper.com loan
Am I making a mistake by borrowing money for my down payment or is this a normal thing to do?
Last question, should I stay away from condos and town homes and focus only on single family residences or are both okay? Anything I should be aware of?
Thanks for the help
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