Personal Loan to supplement down payment

[Ray Southern]

Hi all,

Tell me if this is a good idea or not:

There are multi-family properties I'm interested in buying, but I don't have enough cash to cover the down payment + fees without wiping out.

I was thinking of taking out a personal loan to cover between 20 to 50% of a 25% down payment. It would bump me up to 20 - 30% DTI.

The properties I'm looking at already have tenants, and are between 80 - 100% occupied. I heard that the bank can consider their rents as income when coming to terms.

Is this a good idea?

Are there better ways to get cash for a down payment?

Thanks