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Originally Posted by MT's#1Customer!
:stupid:
Look, I know guys who made it big, but it is a big risk.
Rob West is a succesful home builder and personal friend of mine in PA. About 15 years ago, he got fired from his job, not a pot to piss in, and a baby on the way. So, got a loan from a bank (they did not know he was canned) and bought an investment property. That lead to another and to another etc....
Now he builds million dollar homes and lives in one himself. He took a big gamble because he had nothing to loose. Neither he nor his wife has worked a real job since he got canned.
BTW, I own an investment property, but I had other things in order first.
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Ditto with the investment property. I have one but got it AFTER the primary residence. You also need a lot of money up front if you want it to be really worthwhile.
For something smaller scale (around $4k-5k), definitely go with INGdirect.com or hsbcdirect.com. They'll give you much better interest rates, no risk (up to 100k), and flexibility in the amount.
Good luck!