Comments on: How to Find Money for a Down Payment http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/ Learn, Network, Invest Sat, 11 Feb 2012 20:37:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Zach @ Mid Mo Mortgagehttp://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-77890 Zach @ Mid Mo Mortgage Mon, 01 Feb 2010 19:42:28 +0000 http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-77890 As someone planning to buy a home next year in Missouri, let me tell you my personal plan: save money and don't go out on the weekends.It's hard to tell your significant other "no," but if you want to progress into a home owner, you have to know your limits and bounds.You can get a down-payment in as little as 12-months even on an entry-level salary. .-= Zach @ Mid Mo Mortgage´s last blog ..<a href="http://midmomortgage.com/missouri-press/jan-29-market-growth-surging-as-gdp-reports-forthcoming" rel="nofollow">Jan 29 – Market Growth Surging As GDP Reports Forthcoming</a> =-. As someone planning to buy a home next year in Missouri, let me tell you my personal plan: save money and don’t go out on the weekends.

It’s hard to tell your significant other “no,” but if you want to progress into a home owner, you have to know your limits and bounds.

You can get a down-payment in as little as 12-months even on an entry-level salary.
.-= Zach @ Mid Mo Mortgage´s last blog ..Jan 29 – Market Growth Surging As GDP Reports Forthcoming =-.

]]> By: Marc Staceyhttp://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-8404 Marc Stacey Thu, 26 Oct 2006 19:54:36 +0000 http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-8404 I agree with Bryce but where do you fiend these investers? I would like some help on fiending those people. I have many properties in site with lots of return but I can not come up with the money to start. THANKS I agree with Bryce but where do you fiend these investers? I would like some help on fiending those people. I have many properties in site with lots of return but I can not come up with the money to start.
THANKS

]]> By: Bryce Beattiehttp://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-6332 Bryce Beattie Thu, 28 Sep 2006 16:47:04 +0000 http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-6332 Another idea is to find someone who's interested in investing, but doesn't want to do any of the work. Then you can do all the work, and split the proceeds. Another idea is to find someone who’s interested in investing, but doesn’t want to do any of the work. Then you can do all the work, and split the proceeds.

]]> By: Colin McDougallhttp://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-5135 Colin McDougall Sun, 03 Sep 2006 08:13:40 +0000 http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-5135 Good point, I have personally gone down the road of financing on a credit card and want to warn others of the financial hardship this can cause.Hey, avoiding those hard money lenders is a wise financial decision too. Sometimes patience must prevail :) Good point, I have personally gone down the road of financing on a credit card and want to warn others of the financial hardship this can cause.

Hey, avoiding those hard money lenders is a wise financial decision too. Sometimes patience must prevail :)

]]> By: Joshua Dorkinhttp://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-4956 Joshua Dorkin Sat, 26 Aug 2006 23:31:23 +0000 http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-4956 Sometimes, using a credit card is sometimes a viable option. I'm not advocating it, just suggesting it as an option. Some hard money guys will actually charge more then your cards will, surprisingly. Just something to think about. Sometimes, using a credit card is sometimes a viable option. I’m not advocating it, just suggesting it as an option. Some hard money guys will actually charge more then your cards will, surprisingly. Just something to think about.

]]> By: Colin McDougallhttp://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-4951 Colin McDougall Sat, 26 Aug 2006 20:44:26 +0000 http://www.biggerpockets.com/renewsblog/2006/08/26/how-to-find-money-for-a-down-payment/#comment-4951 Yikes! Using a credit card to come up with a down payment for a mortgage.My personal opinion on this is "Don't ever do that" - Using a credit card to finance a down payment will likely result in a foreclosure on the home within a few years.A down payment on a mortgage is a huge amount and the interest charges associated with borrowing on a credit card are astronomical. I would advise consulting with a lender before taking such action.What I personally recommend using a credit card to gain more money for is starting an internet business. The costs are relatively low to start so the interest charges won't lead to financial ruin as they would if one were to take out an advance on their credit card for the downpayment. Yikes! Using a credit card to come up with a down payment for a mortgage.

My personal opinion on this is “Don’t ever do that” – Using a credit card to finance a down payment will likely result in a foreclosure on the home within a few years.

A down payment on a mortgage is a huge amount and the interest charges associated with borrowing on a credit card are astronomical. I would advise consulting with a lender before taking such action.

What I personally recommend using a credit card to gain more money for is starting an internet business. The costs are relatively low to start so the interest charges won’t lead to financial ruin as they would if one were to take out an advance on their credit card for the downpayment.

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