Credit Card Personal Loan

[Jack Miller]

Hello!

My name is Jack Miller and I have been investing for about a year and a half now. I live in the Oklahoma City area and have 3 units under my belt, all of which have been owner occupied loans. At the rate I’m wanting to grow, I’ve found that I cannot make money fast enough from my job to fund my vision so I’ve had to start looking at other opportunities.

The BRRRR strategy is the new route I'm wanting to take so I can begin to recycle my money and reinvest at a quicker rate. I recently received an offer in the mail from my Credit Card company which pre approved me for a 35,000 personal loan since I've been a loyal member. This would be enough money for me to fund my down payment on a hard money loan.

In summary, my question to the forums is would I be able to do this or would the lenders not recognize a personal loan as a valid form of down payment? Is this even possible?

Thanks in advance for your time in reading this and I hope to get some clarity soon!

[Will Fraser]

Hi @Jack Miller!  I'll second Forrest's thoughts above and urge caution.  

The biggest thing I could encourage here is this:  dig into the "clouds" of where you want to go in real estate and MOST IMPORTANTLY why and get really clear there.  Once you have that clarity meet with some people well versed in different avenues of real estate and learn about the merits of different approaches and find the one that TRULY meshes best for you.

After a sit-down with a local investor who does syndication and REIT investing I was stupefied to hear that their returns closely mirror my own (gained through SFR and MFR investing), though with a fraction of the hassle. That's not to say that it is better or worse, but rather that what is to be gained about non-dogmatically approaching real estate investing and finding the path that most closely matches to your big WHY is the surest way to stay out of potentially ruinous financial situations AND on the most direct path to meaningfulness in all things in life.