Personl loans? Down payment help

[Account Closed]

Hey BP, whats your take on taking a personal loan for the down payment of the mortgage first property investment? Is that possible, do such banks allow that? Is it a bad idea? Any feed back would be helpful, thanks! Looking in CT btw

[Rob Gillespie]

@Account Closed That is a common strategy for commercial investors, but I would need to see the deal you were trying to buy. The dark side of real estate investing that the "Gurus" fail to mention is how expensive it is to play the game if you are holding onto properties. 

My buddies and I always make the joke that we wake up in the morning to write checks! LOL. 

Seriously though, I would caution you on being too over leveraged and trying to run rentals.  Have you considered just wholesaling to gain some traction and get to know the market, plus generate the cash you need to run rentals.

If ya want my purchase agreement and assignment of contract, feel free to call my office and they will send it to ya. 

Good luck!