Loan Thread

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Anonymous
Loan Thread 2016-06-26 01:51:40Post No. 1338229
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Loan Thread Anonymous 2016-06-26 01:51:40 Post No. 1338229 [Report]

I'm going to be buying a foreclosed house at auction less than a month from now. I have 20k in the bank, a full time job making 45k/year and own a rental property outright that is worth ~40k. My credit score is "Good" at around 690.

What's my best bet to secure a loan for 20k in the next 3 weeks. Take out the equity on my rental property, or get a private or bank loan and from where?

Thanks.

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Anonymous 2016-06-26 01:54:56 Post No.1338230
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Anonymous 2016-06-26 01:54:56 Post No.1338230 [Report]

>>1338229
>40k properties
dude where do you live

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Anonymous 2016-06-26 01:56:54 Post No.1338232
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Anonymous 2016-06-26 01:56:54 Post No.1338232 [Report]

>>1338230
It ain't the Hollywood Hills, my friend, but they're roughly 750 sq foot two bedroom homes, low crime, and pull in $750 to $800/month net.

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Anonymous 2016-06-26 01:57:41 Post No.1338233
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Anonymous 2016-06-26 01:57:41 Post No.1338233 [Report]

>>1338232
What state? im legitimately curious where I can get $40k properties

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Anonymous 2016-06-26 01:58:39 Post No.1338234
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Anonymous 2016-06-26 01:58:39 Post No.1338234 [Report]

>>1338232
That 40k valuation is from zillow btw, but average sold prices in the area confirm it's reasonable. I picked up two years ago for 12k (~20k completely refurbed)

I have the bonus of not renting out the two car garage and store everything I want in it.