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Get a loan for a down payment?

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Ok so listen to this idea, I only have $10,000 right now, but could I use that to get a $50,000 loan to buy some land, and then use that $50,000 to go to another bank and get a $250,000 loan? And then build a duplex with the $250,000 and use the rent to pay back both my loans?
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>>1502643
bump for interest
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Yeah man you were totally the first to think of that wow genius
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In what country can $300K buy you land and construct a duplex? Also how will you pay your payments until construction is complete and you have tenants?
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If you can get the loan financed.. it will probably work.. is it a good idea? that is for you to decide
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Lenders always want full disclosure about any money that suddenly appears or any be loans that you have received.

Basically they'll know. But that doesn't mean that they won't be ok with it. Just be up front and ask.

Also, how about just investigating a loan with a lower down payment? Say, look I only have this much, what can you do for me?
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>>1502643
What is your current income situation? That is the first thing the bank will look at before lending you money.
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>>1502643
in the US it's illegal to borrow a down payment for real property. Your bank will want proof you didn't do that.
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>>1502643
also in the US $10k is easily enough to make a down payment on a $250k FHA loan. All you need is a credit score higher than 580 which is really fucking low, and evidence that you plan on building a house on the property and living in it.
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>>1502643
No that would be fraud.

And it sound like you have no experience as a developer.

IMO, the most reasonable approach is buy a dupex with 20% down.

Down the road you can use the equity to make the next move.
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A loan for a downpayment

Nigger wtf

Do you understand the point of a downpayment?
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>>1502652
Basically this. If you're in the US, lenders will pull your credit and see what loans you already have then reject you based on debt to income ratio.
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>>1502643

My dad new a guy who did this exact thing in the 80s. He became very rich.

But he put the money into Real estate and sold it for more money, so he made good choices with the money.

These days though you need more than the down payment, you need the income history. And that could be a problem.
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>>1502646
The United States.

Construction supplies are super cheap here.
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>>1502939
Most duplexes are old piles of crap. I would construct a new one rather than deal with a decrepit old one I would need to discount rent for.
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Yeah I've seen that house meme around here somewhere
Thread posts: 16
Thread images: 1


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