Private Money - Line of Credit - FHA - NEWBIE!
Hello Everyone,
I am fairly new to real estate and have some questions that I can't seem to find an answer to. I am a small business owner, and my business has yet to take off. It is my third fiscal year, and have seen gradual growth, but not enough to where I think a Bank would approve me for a loan.
I am looking to purchase my first investment property (4-plex) using an FHA Loan. I live in the Los Angeles area, so the market here is extremely pricey. If I were to find a private lender to help with the down payment, could I get approved to use an FHA?
If so, when would I be able to take out a line of credit on the property to pay off the private lender? I heard of some people doing this strategy. Will I even be able to take out a line of credit from the property?