Using Car As An Entry Into Real Estate
Hello everyone,
As the title and description says I have a question about using a car to get into real estate.
My uncle has given me his car, for health reasons he can't enjoy it like he use to. Its' market value I believe is somewhere around 45kish and it is free and clear of any loans on it. I would like to avoid selling it at all cost because it does hold quite a bit of sentimental value.
I have been thinking about going to my local credit union and taking a loan out on the value of the car. That way, I can keep the car but still leverage it to get into real estate. I know several property owners in the area and I could use about 30k to get into several good quality investment properties with owner financing.
Any feedback on this idea or other suggestions would be much appreciated.