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Updated about 10 years ago on . Most recent reply
What are my options?
Good evening all!
A dear friend of mine is willing to loan me cash as an investor (because you can't gift without heavy tax penalties I know) so that I can buy a distressed property and also have the funds to rehab it. I'd like to stay in the house for a few years so how would I pay him back? I mean can I borrow? We're talking $150k, something like that.
Thanks in advance!
Most Popular Reply
If you live in the home, you are no longer an "investor" as long as you meet the 1 year requirement. Why don't you buy the house as personal from 0-5% down? That would be alot easier and less paperwork? We got started by buying personals, fixing them up and than turning them into rentals when we were transferred. So you have lots of options.