Fairfield, CA · Member since 2015 · 80 posts · 26 votes
I have a wealthy (and nice and often loans money to others) family member who I could potentially use for purchasing rental property. One of those - I would utilize them for the BRRR process. Would this just completely ease my entry into the rental market? Is this something most wish they had and I should take advantage of? Of course, everything would be legalized, notarized, etc.
@Jesse Kerr
Use a loan from them for rehab money or mortgage if they will do longer term loans.
I think it’s an advantage but reallt depends on the terms. F they lend at lower rates of say 6 percent or less, that’s great. If it’s 10 percent or more I can get that anywhere all day long.
Use a loan from them for rehab money or mortgage if they will do longer term loans.
I think it’s an advantage but reallt depends on the terms. F they lend at lower rates of say 6 percent or less, that’s great. If it’s 10 percent or more I can get that anywhere all day long.
What's nice about this, is that I don't need money down to purchase. Monies I have can be used for rehab, then refiance, pay back, etc. Even at 10%, I haven't heard of a lender who will finance 100%.. at least at this stage of the game. I'm sure I can later on once i'm established.. it's just cracking the nut at this point.