All Forum Posts by: George Papas

Thank you Joe for your suggestion.  I'm living paycheck to paycheck at my current job, so saving 17k at this rate might take me over a decade.   I guess closing some wholesale deals could be another option for coming up with the money.  

Hi,

I'm new to the RE investment arena. And to start out, since I've never owned a home before, I figured I might as well start out as a RE investor by buying a multi family unit that I would live in (FHA + 203k). I went to a mortgage broker recently and I qualified for a 425k mortgage.

I found a couple of homes I'm interested in, and they're all somewhere in the range of 300k.  The only issue I currently have, is that I can't come up with the 3.5% down payment.  Any ideas where I can come up with that amount (roughly $17k)?  Someone suggested that I use my Credit cards to do that, but I'm hesitant to, since the interest on my one card is over 12%.