Hello all. First time poster although not my first time on the board. I am in the military and am a few years from retirement eligibility. Being in the military we move a lot and have had a lot of success renting and selling our primary residence for profit over the years. I have been looking at buying lower priced rental property and found that banks cannot loan below $50K. I had an idea as a form of creative financing using Lending Tree or Prosper to fund a purchase. I looked at their website and they do loans up to $35K for 5 years w/ an average rate of 7.3%. Do you guys think that if I found the right property it would be worth forgoing some of the cash flow for a property that would be paid off in 5 years? I've ran the numbers on a few condo's, and they barely cash flow with the high interest rate and HOA fees in the hundreds but there was still meat left on the bone. Thanks in advance.
v/r
NJ
