Loan or no Loan on 55k Condo? I have the cash

[Nigel Girard]

New Pro Member to Bigger pockets and excited to start up. I've reviewed a lot of properties and I think Im ready to make my purchase. My plan was to do a FHA loan with Homebridge but they only offer loans over 100k and this house is 55k. I have the funds to support this purchase but didn't want to use me own money. Are there any advantages other than no interest rate when using your own money to purchase your first investment property? Or should I continue with a private loan? Thanks everyone :)

[Taylor Dasch]

Private loan will be a significantly higher interest rate. Are you unable to get a conventional loan? Ideally you would leverage the banks money and not your own.  The advantage to using your own money is having more attractive offers. You would then fix it up and refinance the property and keep doing this over and over.