How many of you guys have used multiple loans? Such as personal loans, lines of credit on credit cards, then the regular mortgage loan on the new property, and a second mortgage loan from the seller to finance the down payment?
Used money from a credit card to get our first property. Since then, it’s just been regular mortgages for the others…sometimes putting several properties on the same mortgage.
I have a full range of debt. I have a personnel mortgage and 2 car loans. I have about $5,000 in credit card debt on about 5 or 6 cards. I don’t have any installment debt or student loans. But you are probably asking about investment debt. I have mortgages on all my rentals. All of them were bought using 2 stage financing. I took out a loan to buy the house and pay for the rehab. Once the rehab was complete I refinance that loan into a regular 30 year conventional mortgage.
Man, I must be old fashioned. Soon I will have 14 properties, in which 12 will be paid for in cash…most in the last year.
Lucky you. How long ago did you start?
Bluemoon you seem to be very wise in your dealings, ty… i do have a question i asked about credit and ability to get business lines of credit, establish a corperation to one get started again and to protect ourselves…my husband and i have been very successful in the past, we bought 22 properties with great credit… we had identity theft which destroyed us financially and of course our credit… it will take alot of money to repair which i am prayerful as to direction…
- what do you know about lexington law with regards to credit repair?
2 what do you know about a corp. and buisness lines of credit? - what do you know about acquiring properties commercial perhaps on bad personal credit?
thank you
plp