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Updated about 7 years ago on . Most recent reply

Dorian Wood's profile image
Dorian Wood's profile image
Dorian Wood
  • Flipper/Rehabber
  • from Dallas, TX
  • Member since Mar 4, 2017
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Dorian Wood's profile image
Dorian Wood's profile image
Dorian Wood
  • Flipper/Rehabber
  • from Dallas, TX
  • Member since Mar 4, 2017
Connect
Dorian Wood
  • Flipper/Rehabber
  • Dallas, TX
14
Votes |
27
Posts
Buying & Selling Real Estate

Using a pesonal loan for down payment

Dorian Wood
  • Flipper/Rehabber
  • Dallas, TX
Posted

I'm short on cash but have good credit and income. I am considering getting a personal loan to help fund my first deal. Has anyone had any experience with using a personal loan to fund their first real estate property (rental or flip)? What are the pros and cons? What things should I consider?

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Dorian Wood's profile image
Dorian Wood's profile image
Dorian Wood
  • Flipper/Rehabber
  • from Dallas, TX
  • Member since Mar 4, 2017
Connect

User Stats

27
Posts
14
Votes
Dorian Wood's profile image
Dorian Wood's profile image
Dorian Wood
  • Flipper/Rehabber
  • from Dallas, TX
  • Member since Mar 4, 2017
Connect
Dorian Wood
  • Flipper/Rehabber
  • Dallas, TX
14
Votes |
27
Posts
Dorian Wood
  • Flipper/Rehabber
  • Dallas, TX
Replied

one lender told me that I needed to "season the funds" first, keep it in my account greater than 2 months, then the underwriter will just look at the money as cash... has anyone heard of this concept, he said this also goes for gifted funds

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