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Updated over 7 years ago,
Is it responsible to use a line of credit for a down payment?
I've recently gone down the rabbit hole of investing in real estate while attempting to join a friend as a partner on a deal. Sadly that deal did not work out. However, since the opportunity has presented itself, I've been watching the BP podcast (on YouTube), and I read Rich Dad, Poor Dad, The Ultimate Beginners Guide, Richest Man In Babylon, and am now reading The Book on Rental Property Investing. All of this has made me realize that I want in the game ASAP.
Now for the actual questions. I don't have enough cash saved up for a down payment and was planning on using my line of credit. Is this irresponsible? Should I work my tail off to build my saving prior to buying my first property?
Any advice would be greatly appreciated!
Cheers.