Almost 2 years ago my wife and I decided to get into rental properties, we found a 2 unit that was owner financing! Score! The building was 80K with 20K down, now we didn't exactly have any money for the down payment so I came to up with the idea of taking out a personal loan for the down payment and closing costs, about 25K. So now we are into the building for 87K (I estimated the home to be around 90K) the owner decided to give us a 6% interest rate on the loan and in the mean time we are paying on both the personal loan and the mortgage... fast forward to now when we are trying to pay off the personal loan and cant find any bank that is willing to refinance the building with a payout. does anyone have any ideas on how or who we could use? The main reason we are trying to do this is we are looking to sell the current home we live in and buy a new one... but the 20K ish in personal loans may look bad for a new mortgage.. ideas?
