Let’s talk about how to make investing in real estate more affordable.
While it’s true that many of the world’s wealthiest people got that way by investing in real estate, the reality is for most of us, it’s difficult to come up with the hefty 20% down payment required to buy an investment property.
Here are 4 tips you can use to make this doable.
1. Start small – If you don’t have a lot of cash, choose a smaller, less expensive property. This reduces your down payment, financing and risk. Remember, your first home, doesn’t have to be your forever home and as you build equity, you can choose to upgrade.
2. HELOC – If you have substantial equity in your current home, you can often qualify for a home equity line of credit to cover a large down payment on an investment property.
3. Sweat equity – If you’re an experienced renovator, you can buy a fixer-upper at a discounted price and save yourself thousands by doing the work yourself.
4. Joint venture – Bring in like-minded partner so you can share the down payment and property management duties.
There are options and strategies available to help you not only become a home owner, but to invest in your future and build security. I’m always here to answer any questions you may have, so please call me directly, or send me an email and we can talk.