Posted by spidarman on November 17, 2000 at 12:33:38:
i would suggest you do it if you acquire property that will yield income to immediately begin retiring your unsecured debt. i have done this in several instances and the toughest part is doing it for a complete rehab (due to the fact that you have very little income to cover the borrowed debt).
credit line use??? - Posted by mark
Posted by mark on November 17, 2000 at 09:10:48:
Ed,
I have the opportunity to use a 24K line of credit (unsecured) for down payment money through this lender I am working with. 11.4% apr on the line. I can do deals 90% ltv and she told me she has some programs for 95%. I have very good credit with a score in the 700’s. Would you use this line of credit to start building your rental properties??? I would just amortize the down payment money out to 7 years or so.
Thanks,
mark