$100,000 unsecured personal loan with SoFi

59 Replies

when you apply for the sofi loan, what are you putting down as your reason for the loan?

Thanks for posting about SoFi. It is a great program! 

We are between one finished rehab and one new full on rehab that can’t qualify for regular financing yet.  I’m using the SoFi funds to keep credit card balances low while we wait for the first house to sell and wait for kitchen install on the other.  

To answer a previous question, income such as self employed/sole proprietor can be verified with an uploaded pay stub or last tax return.

If one is to use this for real estate, the way I view it is it increases your holding costs but decreases your buying costs, and limits the amount of cash you need for a purchase requiring all cash

I just checked out the SoFi website and it explicitly states that you can't use the personal loan to invest in real estate and has a box you must check stating that. I wonder if the rules have changed or if people on here who have used them are bypassing that rule...

Originally posted by @Tara Sorenson :

I just checked out the SoFi website and it explicitly states that you can't use the personal loan to invest in real estate and has a box you must check stating that. I wonder if the rules have changed or if people on here who have used them are bypassing that rule...

 How about stock market or Vegas gambling, any language on that? I might be game (no pun intended). 

I am a newbie but I just verified that loans from sofi that are used for real estate (except mortgages) are not permissable. I live in Michigan so is this a Michigan exception or is what people are discussing here borderline illegal?

****Just saw the previous posts***

This post has been removed.

AB Investor from Edison, New Jersey
replied

You are partially responsible for the tenant’s injury and you made it worse by trying to evict her. You have handled this so poorly and will likely lose badly in court. I doubt she will even be evicted. And then the tenant will be so mad about the stress of it that she will be even more eager to sue you for damages. I would drop the eviction, hire a property manager; and try to get a professional property manager to be nice to the tenant. And pouring chemicals that are dangerous to children and animals in the yard is beyond stupid if you are serious. Are you trying to increase the damages against yourself in court?

Whenever the tenant does move out you should sell the property and any other rentals that you have because you are not cut out to be a landlord. You are beyond incompetent as a landlord ...

how much was your loan payment if you don’t mind me asking

@Ed Potter I called sofi and i asked the lady twice. You cant use it to purchase but you can use it for the rehab

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