My first property...

[George Papas]

Hi,

I'm new to the RE investment arena. And to start out, since I've never owned a home before, I figured I might as well start out as a RE investor by buying a multi family unit that I would live in (FHA + 203k). I went to a mortgage broker recently and I qualified for a 425k mortgage.

I found a couple of homes I'm interested in, and they're all somewhere in the range of 300k.  The only issue I currently have, is that I can't come up with the 3.5% down payment.  Any ideas where I can come up with that amount (roughly $17k)?  Someone suggested that I use my Credit cards to do that, but I'm hesitant to, since the interest on my one card is over 12%.