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Updated almost 6 years ago,
Do I only need to repay interest for loan if secured by property?
Hey everyone :) I'm new to BP so sorry for stupid questions
So I'm 16 and want to start my research into real estate investing, and right now I'm looking into funding an investment. My dad told me the if you get a loan, the bank only wants you to pay back annual interest on that loan. The actual loan amount is secured by the property, so when you sell if you'll need to give the loan amount back. Is this true? If so, is it a smart way to finance a first investment?
Thanks
Liam