All Forum Posts by: Josh VanAusdale

I believe HELOC is okay to use regardless. I was just inquiring about a personal loan outside of using your home's equity. I have heard (and been told) that this is a potential way to get into real estate, to obtain a personal loan and let the money season in an account for a few months. Sounds to me like it's a sketchy option from what was said above.

Thanks all.  Just what I was looking for!

Hello all, just wondering if you can use a personal loan for the 20% down payment on investment property.  I've heard that if you let loan money sit in an account for a little while then this is possible.

@Charlie MacPherson thanks so much, very helpful!

@Charlie MacPherson Thanks, Charlie.  The comps in the same area are at least similar in price, with some higher than this property.  Also further down the power line stretch into other communities/areas there are homes that are 4 times the price of this one (per my agent).  Basically the same proximity as this home is to the lines.  What do you think of that?

Bob, thanks for that response.  Much appreciated!

Just curious what anyone's thoughts are with properties near power lines.  The area is desirable and the building is up to date with no major repairs needing to be done.  I'm just concerned about the resale value down the line.  Thanks for any responses!

Thank you, Thomas.  That is helpful - much appreciated.

Thanks, @Andrew Johnson.  So other than lining up financing before hand, anything else I can do to get to where I need to be other than flat out having $ more up front?  I have been speaking with a loan officer through the past few months and he told me the same thing you did about the minimum 50k threshold.  He did advise however that using a credit union could potentially be an option.  Thoughts on that?  I guess I'm just trying to break this down into granular steps so I can know what I need to do to get where I want to be - land contract included.  

Great info, Alex.  Thank you, much appreciated.