I'm trying to open up this discussion in terms of both good and bad...After speaking with a few people and lenders on acquiring money for a down payment on a multifamily property, a secured personal loan came up as an alternative to coming up with enough money for part of the down payment (oh, say $10,000).That means:> Secured personal loan (putting a lien on a car as collateral) worth $10,000 at terms of 4.25% APR over 5 years. - Total Down: $20,000> A mortgage for $102,000 @ 5% over 30 years , meaning a monthly PITI of about $800> 2 Duplexes (4-plex) with total monthly income of $2,400 *these numbers are somewhat irrelevant to the question, but is just an attempt at giving real world data*The question is: with the acquisition of another mortgage, what are the upsides and downsides of acquiring a secured personal loan as well?

@Cara Abbaticchio, It might be a good idea to just amend the current lease.

Also, I second the vote if you have $100k in cash you shouldn't lease a car. A

Do you want a new car? A

I drove it until 2012, when at the age of 31, I bought my first car, a Hyundai Elantra.

@Cameron PhilgreenI don’t know much about this Turo app, but personally to me the risk and liability in the back of my mind of someone else using my car, as well as the inconvienance of renting it out would cause me is simply not worth a few hundred in cash flow monthly to me.

Cara and Marcus Painter with MC properties have a great organization...  

@Kristin Caras Apparently AirBnB covers damages caused by tenants which is reassuring.

@Kristin Caras it's possible in any city!

I agree with @Cara Lonsdale if you qualify and have the time to wait for a conventional loan - go that route.