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Updated almost 10 years ago on . Most recent reply
Purchase Strategy
Hello BPers,
I have an accepted offer to purchase a property at $27.5K and am unable to secure a mortgage because the loan amount is too low. Since there are a few properties in this range, it got me thinking about a new strategy and would welcome comments from those with experience...
Take out a personal loan at 8.99% over 7 years to purchase 5 properties. (yes, this will cash flow). They would be added to my current LLC portfolio. My next move would be then do a consolidated refi on all of the properties in a year and use the equity to purchase additional real estate. Any thoughts on this? Does this check out?