Questions about structuring my first deal??

Real Estate Investing Real Estate Financing
1

I have a someone wanting to sell me a rental property for $20K. The home was just inspected and passed by HUD and has had the same HUD tenant in it for 5 years. Monthly rents are $775 and no repairs are needed. To me the numbers look great on paper.

I however do not have that much cash and he won’t owner finance it. I did just receive a $15K CC with a 10.25APR and could add my cash to it to purchase the house. This would max out my card and pretty much leave things tight.

Does this look like a good deal to you? Should I use the CC or is there a better way to purchase this property? My interest in it is strictly future cash flow to supplement my income.

Thanks
Mike

2

Sounds like a great deal. I would try to stay away from the credit card if you can. I would attempt to get conventional bank financing on that deal since its only $20k. You can get in with 20% down which you can get that from the credit card if you have no other cash available. Just keep the house cash flowing and pay the card off asap.