Show me the money!
Set yourself up to get all the capital you need for real estate investing!
Everybody likes money!
You can go to the Dollar Store; you can go to the dollar menu!
Money doesn't buy you happiness, but it sure can point the direction, because when you don't have money, a lot of us are sad, because we can't even buy the things that we need and sometimes want!
But how do you get the money that you will need to buy real estate. Real estate investing requires “some” money for:
Closing Cost – usually 2% of purchase
Earnest/Option Fee - negotiable
Gap Funding – sometimes it happens when you need “fill” in money
Down Payment – depends on type of loan
Repairs – calculated prior to purchasing property
Holding Costs – insurance, property taxes, utilities
You can go traditional loans if you are starting out, have great credit and 25% cash to put down.
If you're a first-time investor or you haven't bought any rental properties yet, you may be able to get a conventional loan at one of the big four banks such as Chase, Wells Fargo, Bank of American or even your credit union. You will need good credit and about 25% cash to put down on your investment property.
Using a conventional loan to buy investment properties poses a problem for most investors because at some point you run out of the 25% down, unless you're uber wealthy or have a boat load of cash!
You might be asking – where else can you find money for real estate deals. You can find money:
Asset Based Lenders – stand alone, or independent banks, community banks
Hard Money Lenders – fund fast, second set of eyes on properties
Private Money Lenders – relationship based, terms negotiable
Creative Solution Lenders – Partnerships, JV agreements, sub-to deals
It is hard for lenders to make loans under $100,000 and for my experience, most of them don't.
Are you looking for funding and the ability s to get the money you need for real estate investing? I created The Capital Project Blueprint and Fast Track to Real Estate investing just for you! A simple plan that points you in the direction of finding and funding real estate investment properties – what are you waiting for? Download your free copy today!