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Updated over 9 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Bayonne NJ
2
Votes |
18
Posts

Should I use my school loan for my investment property down payment ?

Account Closed
  • Rental Property Investor
  • Bayonne NJ
Posted

So i am defiantly going to house hack my first property, I want get and fha loan and buy a 4 plex. However i don’t have all the money for it rn. I just got my re license and will begin working soon, the money i would make in commissions would go directly to my investments, i know in the beginning it might take a while for me to start making money, maybe not but i really want to own a 4 plex, like now lol. In September i will enter my last year in college and I’m only in $2,500 in student debt after 6 semesters. Although most of my tuition is covered by state grants I have an option to take out of loan for about $6,000 that I don’t have to start paying until I graduate. I would probably use this for my 3.5% dp or just for renovation once I do own the property. I see it as i barely have any student loan debt and compared to some of my family members who graduated with 40k in student loans, at least I would be invested it not spending it or be in debt and jobless. Just wanted to see if anyone did this before, your opinion or advice. Maybe I should just be patient and save some money or this wouldn’t be such a bad idea ?

Thank you,

Sincerely Steven Betancurth

Most Popular Reply

User Stats

345
Posts
281
Votes
Tom V.
  • San Francisco, CA
281
Votes |
345
Posts
Tom V.
  • San Francisco, CA
Replied

This is a bad idea.  Don't use student loan debt to make your first investment.  Pay off your debt.  Save up a cushion.  Then invest.  

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