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Idea on first deal.
Hey, good afternoon/evening everyone. I am a new investor and have been exploring deals in a few markets outside my area for the past month and a half. While researching and evaluating homes, I had an idea for managing the down payment and emergencies for the first property.
When I find a property with good cash flow, I could use a private money lender (PML) to cover the down payment and closing costs. The cash flow would then be used to repay the PML, possibly faster if the home appreciates in value. For emergencies, I could move money from my 401k to an IRA to cover vacancies and capital expenditures.
What are your thoughts on this approach?