Originally posted by @Will Barnard:
Quote from @Dominick Galinis:
@Jonathan Greene
easy there man. You’re making a lot of assumptions without the full details, or details that you seemingly misunderstood.
I can save up for the property and have the income and most of the money now. I’m just trying to expedite the process by getting a loan elsewhere.
But since you wanted to bring up “only thinking about myself,” I offered to pay him, let him get the commission, etc. but since my family has helped him immensely in the past, he offered to help me for free to show appreciation for that and for them always being there for him. You don’t have to get so wound up about something you know nothing about. And I never said I was ready to handle my own deal, that’s why help is involved. Just like help would be involved on my first deal selling a house to (fill in random persons name here).
I think you are taking the comments to personally and getting defensive. The entirety of Jonathan's comments were based on the info you originally provided. So your friend feels he owes your family and this is how he can repay. Fine, but that info was not given and the advice was a warning, not just to you, but to all reading this. David is experienced and knowledgeable and your defensiveness back is not helping you or anyone else. Take stock into what he is saying, he is 100% hitting the nail on the head here with no intent to belittle you.
I believe twice in this thread, you admitted that you are impatient and want it now rather than waiting. This speaks volumes to your inexperience and what would most likely be a big mistake in the end. Rushing in is not a good plan. Rethink it, educate yourself in the market, the numbers, the transactions (purchase docs, title docs, insurance docs, due diligence, etc) and ensure you have a viable plan in which you are prepared to properly and efficiently execute. There is great risk in overleveraging your asset.
So, a few things I think you’re off on: being told “you’re only thinking of yourself,” is a personal attack, and belittling. I’m not quite sure how one can spin “you’re being selfish” into not belittling. Especially with not having the full info. And the proper thing to do here if something seems off would be to ask, not trying to say something about someone’s character. Hence why if you looked at all my other responses to everyone else, it was a different response. Also, I never said I was getting a loan for 10% down. I said the rates were 10%+, hence my saying “I don’t think you’re truly understanding what I’m saying.” Why trust advice from someone who clearly misunderstood? That doesn’t make any sense, either.
Now, for what you were saying specifically. My wanting it now isn’t a knowledge question of “do these numbers work? Will this rent? Etc” I have those answers (as said in my original post), it’s around “can I expedite getting my down payment to purchase my property using this method?” (Also said in my original post.) So, I’m not quite sure where all of that came from in your post.
To put it simply, my question was this, can I use a personal loan (from ANY source) to help with a down payment? That’s it.
