4 Alternative Funding Ideas To Start Your Real Estate Journey 3 Options Realty
Overview It is everyone's dream to become a homeowner at some point in their lives. However, one major impediment that most people face is a lack of sufficient funds, which is not uncommon when beginning your real estate journey. If this is the case, speaking with property managers Atlanta can help you learn how to invest in rental real estate. When it comes to securing funds for an investment property without having the actual cash, you need to think outside the box, which is where 3 Options Realty comes in. Here are a few strategies recommended by some of the top property management companies to help you realise your dream of owning a rental property even if you are short on cash.
Buy A Primary Residence Although it is unconventional, purchasing your own first is an excellent way to begin your rental property investment journey. There are a variety of programmes available to assist other homebuyers or first-time buyers in purchasing a home. Unlike loans for investment properties, down payments are typically low, and interest rates are favourable for properties that the owners currently occupy. Many rental property owners began their journey by living in their own homes before converting them into rentals. If you want to start building your investment portfolio, this is a great place to begin.
Open A HELOC If you do not intend to share your home with a renter, we recommend obtaining a home equity line of credit (HELOC) on your residential property. Property values continue to rise over time, allowing you to accumulate enough equity for your next investment property. If you go to a lender, you risk receiving less than 80% of the value of your home, which is why it's critical to consult a property management company for an accurate estimate of your property value.
Buy A Duplex Purchasing a duplex is an excellent first-time purchase because you receive the same benefits as owner-occupied properties. Another advantage of purchasing a duplex is that you can live on one side while renting out the other, making it both convenient and cost-effective. To avoid future complaints and inconveniences, this is only recommended for people who are willing to share their home with a renter. If you can overlook this minor disadvantage, you can enjoy collecting rent that nearly covers your mortgage payment, allowing you to save for your next investment purchase while also lowering your living expenses.
Reduce Closing Costs When you have a down payment but not enough money for other expenses, lowering closing costs is an excellent solution. You can ask the lender or seller to pay some or all of your closing costs, allowing you to take advantage of rebates offered in order to reduce the amount of money needed for closing. Other sellers will pay the closing costs to seal the deal, which is a great advantage as you begin your real estate ownership journey. Contact 3 Options Realty to learn more about funding options for your real estate venture. We guarantee excellent property management services at a market-competitive rate.
Get In Touch... Address 555 Sun Valley Dr Suite B4, Roswell, GA 30076 Phone Number (678) 397-1282 Website https://www.3optionsrealty.com
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