3 Ways to Fund Your Next Deal
Well, we made it through another week! If you are like me, you have spent at least a little bit of time window shopping for your next purchase. But as soon as I do, I start thinking, "But how can I afford this one?"
Ahhh, the plight of growing one's portfolio!
Purchasing any property is an accomplishment, but scaling becomes a whole new game.
But that's just it! It's a game and there are many paths you can take to WIN!
After I purchased my first duplex, I thought there was some BIG secret no one was telling me about how to buy the next one. Being a researcher at heart, I nose-dived into every book and podcast I could find. I became obsessed with finding out what this secret to success was that everyone was hiding from me. But there was no secret. Just different roads....and it was my turn to pick my path. Now, I have 10 doors in just 2 years!
Don't allow yourself to overthink this!
There are plenty of ways to pick up that next cash flowing property but here are just 3 ways to get you moving in the right direction:
1. Use Whatcha Got!
If you already bought one property, leverage that into the next! Talk to a lender about doing a cash out refinance or a HELOC on your current property. You can then take that money and use it towards a downpayment on the next one!
2. Get Creative!
You have hear the names before but lets break it down. Private Money Lenders are when you borrow money from people you know. Maybe a relative, co-worker, networking connection. Hard Money Lenders are businesses that have unlimited funds that they can put towards your deal! For private lenders, always make sure everyone you know is aware that you want to buy another property and see what opportunities present themselves. Need to know more about Hard Money Lending? Visit our Vetted Partners page here to speak to a HML today!
3. Spread your Wings!
Think of ways to use less of your own money. Remember that owner occupied properties require less of a downpayment. Can you move for a year? With so many companies going remote, this may be an option for you right now. Otherwise, think of long distance investing where housing is cheaper and you can comfortably afford the downpayment.
And if you are not sure what you want to do next, join our Goal Setting Workshop Waitlist here! That's right! You asked for it in the group and now I am delivering! Add your name to the waitlist to be the first in the know when details come out!