3 ways to fund your next property
After purchasing my first duplex…
I was convinced there was some “secret” no one was telling me about how to buy the next one.
In fact, I spent months researching, reading books, and listening to every podcast I could to find this secret.
And eventually, I found it.
The secret is… there is none.
Just different paths and strategies.
And it was up to me to decide which strategy I would choose.
After acquiring 13 doors, I’ve realized there are plenty of ways to pick up your next property.
But here are my top three ways to fund your next property:
1. Get Creative
There are TONS of types of lenders!
Traditional lenders, creative lenders, hard money lenders, private lenders, and the list goes on!
But the important thing is to know which type of funding is the best for your deal… and your personal financial situation.
For example, there are Private Money and Hard Money Lenders.
Private Money Lending is when you borrow money from people you know like a relative, co-worker, or networking connection.
A Hard Money Lender is a business that has unlimited funds they can put toward your deal.
They all have their pros and cons.
But whatever type of lender you choose, make sure it works for you and your situation.
2. Use What You Already Have.
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.
Then take that money and use it towards a down payment on the next one.
It really is that simple.
3. Spread your Wings
Think of ways to use less of your own money.
Remember, owner-occupied properties require less of a downpayment.
So if you can move for a year, that might be a good option for you.
If you can’t move…
Think of long-distance investing where housing is cheaper, and you can afford the downpayment.
So that’s it! Those are my top three ways to fund your next property.
If you’re unsure what you want to do next or what you should do…
Feel free to schedule a strategy call with our community manager Danielle below.
She’s here to support you, give you clarity, and make sure you have everything you need to succeed.