Best and quickest route to get $30k loan

[Jacqueline Brown]

I've spotted an investment but I don't want to throw all cash into it. Asking price is $40k, but I'll likely get it down to $35k, and put down 20% or so. $30k is just an estimate but I'd like advice on the quickest and best route to seek out the loan. Local credit unions, etc? Thanks. 

[Jack B]

@Jacqueline Brown  Ehh... I don't like this deal. Do what you want and trust your gut above all but it doesn't seem good to me. You're breaking rule #1(or #3, who counts..) - don't rent to family members. Anyways, if you still want to go through with it, here are some options for financing:

• Owner financing - Seller finances the property. Ask the seller if he owns the property or has a large amount of equity in it. This would be my option #1 but thats just me.
• Hard money - Short term loans (6-36 months), 8-15% interest rate, high loan “points”(fees to get the loan). Maybe? Who knows...
• Private money - I like to call it hard money w/ close friends/family. Maybe your mom wants to finance the property? Probably not since she is renting it but who knows...
• Home equity loans and lines of credit - It sounds like you have another property. If you have a considerable amount of equity in it, you can take out a LOC on it.
• Credit cards, investor loans, etc... I wouldn't recommend a credit card since this isn't a flip but who knows? Some banks(and credit unions especially) issue investor loans to clients they like.

Another thing about your mom... when I'm talking about family members I'm talking about cousins, aunts, etc... people you don't have a rock solid relationship with. Your mom? Different story. If you trust your mom and believe she can keep your property in good condition then by all means go ahead.