Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
Hello everyone,
I would love to hear from others what sources they use to get capital to buy more deals (rentals or flips)? I know about getting a HELOC, mortgage, cash our refi, portfolio loans etc but what about personal loans through Lightstream & SoFi? I have used LendingClub & Prosper before but they charge too much...
I have heard you can get up to $100K personal loan through Lightstream for a longer period of time...anyone ever done this?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
4y
@Nicholas Misch this post was from a few years ago (which is fine) but what were you thinking to do with this money exactly? The original post mentioned "buying more deals"...but is that what you were thinking? And what kinds of deals were you thinking? That would help us be able to see what route might be best. Hope that makes sense.
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
7y
The issue that you will run into with an unsecured loan is that the money has to be seasoned for 60 days in your bank account before you can use it on conventional or government loans. If you can do that, and we count the monthly payment into the debt ratio, you should be fine from there.
Some portfolio loans also underwrite to some of the conventional guidelines, so some portfolio do and some don't? For the ones that do, the money will need to be seasoned 60 days.
I would love to hear from others what sources they use to get capital to buy more deals (rentals or flips)? I know about getting a HELOC, mortgage, cash our refi, portfolio loans etc but what about personal loans through Lightstream & SoFi? I have used LendingClub & Prosper before but they charge too much...
I have heard you can get up to $100K personal loan through Lightstream for a longer period of time...anyone ever done this?
We are thinking about using LightStream for this purpose now. Did you end up doing it or something like it and how did it go?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
4y
@Nicholas Misch this post was from a few years ago (which is fine) but what were you thinking to do with this money exactly? The original post mentioned "buying more deals"...but is that what you were thinking? And what kinds of deals were you thinking? That would help us be able to see what route might be best. Hope that makes sense.
@Nicholas Misch this post was from a few years ago (which is fine) but what were you thinking to do with this money exactly? The original post mentioned "buying more deals"...but is that what you were thinking? And what kinds of deals were you thinking? That would help us be able to see what route might be best. Hope that makes sense.
Thank you for answering. We have an offer in on a property for $90k with an ARV around $170k. Rehab costs approx. $40K. We want to BRRRR it and estimate we could complete the project in 60 days (90 max). Even if we don't get this offer accepted we will be looking for others of this same type and will need to find the funds. We are not without cash, I just don't want to tie up all of my reserves. I should prob also mention that we currently have another BRRRR going right now using our own cash ($45 purchase, $40 rehab, $120 ARV) and my worry is if I take a personal loan for this new BRRRR, that type of debt could hurt my chances of my refi on the current BRRRR.