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Updated about 6 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Manassas, VA
7
Votes |
8
Posts

Need advice - or better yet a financial advisor - VA

Account Closed
  • Rental Property Investor
  • Manassas, VA
Posted

I am relatively new to investing and I have a couple of options in front of me during the next year. I need to chat with someone who can help me understand the implications of these decisions on my financial health.

I have one rental that I'm basically breaking even on.

I want to purchase a house in Northern Virginia, with my VA, for personal use. This will likely be a house hack down the line, I intend to rent it out in about 3-5 years. Maybe sooner.

I've been speaking with a lender who can offer up to 300k personal loan to get started, 7% APR with a 5-7 year term (I wouldn't want the full amount), and also a 250K business credit card.

My day job is in the DC area, and it can be quite busy. So I don't want to take on more than I can handle, and also if my finances become ruined, I also lose my day job.

Advice is much appreciated!!

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Michael P.
  • Rental Property Investor
  • Brooke Park Drive
2,439
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Michael P.
  • Rental Property Investor
  • Brooke Park Drive
Replied
Originally posted by @Account Closed:

 and also a 250K business credit card.

Holy crap a credit card is not a vehicle for real estate investing.  Yes you should find a financial planner. 

https://www.napfa.org/find-an-advisor

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