Wednesday, July 19, 2006

Financing your home just got easier

Okay, not really. But, here is an idea that makes economic sense and has been around for a long time.

Borrow money from friends, family, whoever. Sounds like a seriously bad road to go down. But I'm talking about a real loan from private lenders... charging interest.

Last Sunday's Tribune Real Estate section was really excellent in general and ran a story about this "alternative borrowing". It is a strategy I have used when finding ways to borrow for investment property. Sure, you can burn some bridges with family and friends... but not if you pay the the monthly.

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