Personal Loans to purchase foreclosures...your thoughts?
Hi there,
I was chatting with a friend that I plan on partnering with in flipping houses with (in DFW, mainly Dallas/Far North Dallas areas) and she brought an idea across - to purchase foreclosures with a personal loan rather than seeking a mortgage. She detailed a few benefits, one being less hassle during the approval process and there would be enough funds to cover the cost of the homes that we're looking to buy...one disadvantage I noted was the interest rate of the note, it's for sure going to be higher than that of a bank mortgage (assuming we get a good rate). I wanted to ask the opinion of experience investors, would any of you recommend doing this?