Newbie engineering student from Hancock, MI

[Neil K.]

Hello!

I am an engineering student at Michigan Tech University, and I am new to real estate investing.  I am on here to learn as much as I can and connect with other investors, so that I can hit the ground running when I graduate next December.

First Question: If the right deal came along, would it be a good idea to use a student loan (fixed 8-9% interest & no payments until 6 months after graduation) to close on my first unit?   I have been wondering about this for a long time, and as long as I am confident in the properties ability to produce positive cash flow, I don't see why not?  Any thoughts?

[Dan O'Neill]

@Neil K.

Hi.  I graduated from MTU in 2004.  I usually get back north once a year in the summer. Are you sure you are able to use a student loan for such a purpose?  Are there restrictions on what the loan money can be used for (room & board, books, tuition, etc)?  Are you living in the property while you rehab it?