You’ve worked hard, built a solid financial foundation for your family, and now you’re ready to take your investing game to the next level. But you’ve still got one question: how can you come up with the cash to finance your first residential real estate investment property?
Contrary to popular belief, you don’t have to be independently wealthy to start investing in real estate. If you play your cards right and use the resources available to you, you can get started in residential investing with as little as a few thousand bucks. Here’s how to finance your first property and start making money as a real estate investor.
Find a Great Flip
Recently, the buzz around HGTV and shows like Fixer Upper has shone a spotlight on the magic of flipping houses. Making money with flips isn’t just for tv show hosts though! Finding run down houses in need of some love is a great way to get started as a residential real estate investor. Look for foreclosures and auctions to get your best deal.
Think About How Your Property Will Impact Your Income
When you’re trying to determine what kind of property you can afford, remember: Your investment will generate a new stream of income. For first-time investors, multi-family dwellings like duplexes or triplexes can be great options for boosting your earning potential and securing your investment.
Get Creative With Up-Front Funding
A lot of first-time investors think they’re limited to properties for which they can afford a decent cash down payment. While it’s true that making a big down payment can be an important component in securing a great deal, you don’t necessarily have to have a huge chunk of liquid cash sitting in the bank to make this work.
Private lending is a fantastic way to secure the funds you need to buy competitively. Get in touch with us HERE to learn more about our lending options for real estate investors!