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Updated about 8 years ago,
$260k trust. Can I take out a loan with the trust(collateral)
Hello guys, just finished the beginners free course. Exited to be here and committed to learn as much as possible. So a little about me. I have a trust in the amount of 260k and work part time making little money for now. I'm getting a masters and will be making 60k in a couple of years. I m thinking of either taking out a loan with the trust as collateral if i can, don't know if you can do this, maybe you guys can answer this question for me. Otherwise i ll save up enough money after I'm making 60k a year to o=out some money down in a FHA loan for a duplex or quadruplex? While fixing it up with the money they lend me cause that's the beauty of a FHA loan, while renting it and then selling it after one year or two years while doing the 1031 exchange.
I actually don't know what niche or strategy to pick. I just said FHA loan cause it sounded like a good idea by renting it, fixing it and flipping it, while living in it.
Thank you ahead of time,
JPV
PS: I also live in Miami