I was looking at my plans and hoping to scale as quickly and obviously safely as possible.
I started thinking about possibly purchasing a property with a 100K sofi personal loan and doing the brrr process. I have the cash in reserves to pay the monthly payments while I wait to season the property.
After the refi I would obviously pay them them off (no prepayment penalty), recoup my monthly payments and repeat if I find another good deal.
The rental income (75%) should offset the debt and given that I have pretty low debt, the dti ratio should not be an issue.
Anyone see any holes in my idea?
The only issue I can see here is that the word "should" is used a lot. I would want to make sure ahead of time that I had a good relationship with a bank who I was certain would willing to work with me on the back end even with the SOFI debt. The money is relatively cheap, but having to hold onto it an extra year could be a killer and would severely hamper any thoughts of a quick second deal.