How can I get a loan for a property ?

Question

Jake Thomas · Answer

It is difficult to invest with consumer debt hanging over you like you have.

My advice, sell the car even if its a wash or you have to add a couple thousand to get rid of the loan. I don't know how much you make but $19K loan will take a while to pay down regardless. Buy a beater car $2-3K. You ask how can I do this? Easy get a second job or find a way to make money on the side. This isn't a get rich quick game its a get rich slow game. You're young and have lots of years ahead of you. If you can knock these debts by the end of the year I bet you can save enough to have that first down payment sooner than you think and you can then get started on investing.

Michael Lee · Answer

Hello and welcome to BP!  Just be creative with what you decide to do.  One financing option for you is by the owner.  Offer them as much as you can, just be helpful.  Something is better than nothing.  Private Funding is another option if you know of anybody with some money.  You can offer them more than they are getting from the bank.  Just sound like you know what you are doing.  Another possibility for you is House-hacking which means you buy a duplex, 3-plex, or 4-plex and live in one of the units for a year while you can make repairs or renovate.  There is a low (31/2 percent) down payment plus they will loan you the money for repairs or renovation.  Good luck!