10/10/2010 12:29:43 PM
Interesting, I was wondering the same thing...
I found a really nice Miami condo unit, that sells for $40,000 and rents at $725/MO. The building requires all cash purchases though, so I was kinda shaky about that. But still, I think it's a pretty good deal. Especially if I can refinance later or something like that. Unfortunately I don't think I'm gonna be able to go through with it. Not at this time...
Is there any way to go around the no mortgage rule though? Like just take a regular bank loan of $40,000, and pay for the condo with that money? Or is that too complicated/ against the law or something...?