Personal Loans for purchase and rehab?

[Account Closed]

Recently, in working to start up my investing business, I stumbled onto the idea of using large personal loans for funding purchases and rehabs of rental properties. Once tenants are in place, I would refinance to a privately-held 30-year fixed loan.

Has anyone used large personal loans say in the range of $400,000, to acquire and rehab real estate? What has been your experience?

The deal would have to include extracting the funds put into the deal originally, plus carrying costs of the personal loan, in my mind.

[Andrew Postell]

@Account Closed here, please be very careful with personal loans of this nature. If you have a property, then there are TONS of lenders who will offer financing.  And it's the type of financing that is regulated.....personal loans don't have to follow the same rules as real estate loans.  Real estate loans will be structured better and safer for you as a consumer.  Feel free to ask anything additional.  We are here to help if you need.