Purchasing 1st property using Homepath

[Mindy Pearmon]

I don't have the cash for my 1st property I'd like to purchase as a holding. The house is next door and I have been in it. The only thing that NEEDS to be done is a new kitchen. Homepath is requesting a 20% down payment. Can I get a 10k personal loan and use that as the down payment and the have the rest as a mortgage? The prop is listed at 45k. And the tax assessment is around 110K. Here is my plan... 10k personal loan then the homepath mortgage for the remainder. Use my credit card which has 0% financing for 2 yrs. to put in a new kitchen. Should be around 7k. Rent it out section 8 $1350/mo. Then a year later(or as soon as I can) take out a HELC for 50k pay off the mortgage, the credit card and the personal loan. Then use the income from renting and I should be able to pay off the HELC off within 5 years. Does this at all seem plausible? The other question is I don't really have any assets. But I gave a credit score in the 7s and never been late on anything. Income is about 3k a month. BUT I have a mortgage and student loan which total 1k a month.

[Mark S.]

This sounds like someone juggling chainsaws while tightrope walking over a fire pit. Too many variables and too many ways to get hurt financially. I'm definitely a rookie, but I absolutely would not do this.

The creativity is impressive, but I would suggest something as simple as: save some money, keep your credit score in the 700s as you have, and find the next deal when you can actually afford to buy. I don't mean to be rude, but, boy does that seem a dangerous way to start. Your risk appetite is very impressive.