Updated over 8 years ago on . Most recent reply
Personal loan for down payment?
Hey guys,
What do you think about getting a personal loan for a small down payment? I'm looking at a rental property for $100,000 and I'll need around $1750 for a down payment. I'm planning on going in with a partner, do you think it's okay to get a personal loan for around $2000 to pay for the down payment as well as any other fees that comes along with it? I will pay it off immediately, thoughts?
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Just curious why you would need to get a loan for such a small amount? How are you going to finance the rehab of a flip if you don't have a substantial amount of money saved up? Or is this where the partner comes in? I just worry that if you don't have $2000 cash there won't be any money for any other unexpected expenses?