Updated almost 4 years ago on . Most recent reply
Making Our First Purchase
My Father-in-Law is a contractor and a real estate investor and it's something my husband and I want to get into too but have a few financing options. Wanted to get y'alls opinions and personal experiences.
1. We have a family friend that will give us a loan (any amount) at a flat rate of 10% interest no questions asked.
2. We have our credit card company offering loans up to 8.99% interest (hopefully negotiable) our credit limit may not be enough
3. Apply for a HELOC loan.
Do you guys aim to have your purchase paid in full, or down payment only and finance the rest?
My husband and I both have good credit. We gave ourselves 6 months to do our research and make our first purchase. We're 1 month in, and I have put my focus on the finances. I feel these deals go quick and we need to make sure we have this situated so we can make our first purchase as smooth as possible