All Forum Posts by: John Nisewonger

Hello

I would consider myself still a noob at REI. I have one rental that was supposed to be a flip but it flopped so I have been renting it for 6 years now and plan to keep renting as there is no equity in it still but I have had great rental success.

To do that rental I used a line of credit from my residence to fund the 20% down.

I am looking to purchase a duplex for $62,000. I have about $7k of my own money to put down. The property is currently rented and is getting $1200 each month.

Where can I get the rest of the down payment for this rental? Family doesnt have the funds to invest in it so cant borrow there. Cant take out another line of credit for my residence.

Would it be wise to get a hard money loan? Private investor from who knows where? Maybe put an ad on craigslist looking for an investor? Im just seeling a lot of good deals pass me up and I just dont have the funds to get any of them.

Thanks a bunch. Im new to the site and wish I would of found the place a lot sooner. So much valuable info on here!

John