Getting a personal loan for my first investment property

[Khayla Williams]

Hi everyone! I'm looking to purchase my first investment property in the Columbus or Cleveland area.

I don't have money for the down payment so would it be okay to get a personal loan? I want to do long-term rentals to section 8. 

Also with the brrrr strategy will I get a DSCR loan to pay back the personal loan?

I am just starting out so any help will be greatly appreciated!

[Chris Seveney]

@Khayla Williams

I strongly recommend against borrowing 100% for a property

There is significant risk in owning real estate including section 8 and maintaining the home in a certain condition and if you do t have the funds for those repairs you could lose it all.

I always recommend people budget and save enough for a down payment and reserves before getting into their first property. It doesn’t matter if you start at 22 or 42 there is time which is your best friend in real estate to grow your net worth