“Never depend on a single income. Make investment to create a second source” –Warren Buffet
Investing in real estate is one of the most excellent avenues towards financial freedom. Unfortunately, many are under the mistaken impression that it would require an immense amount of money. It is because of this pecuniary consideration that would deter many individuals from realizing their true potential for real estate investments. Well, it might be too good to be true, but there are ways of investing in real estate without any money of your own. Your monetary sources do not have to be constrained from traditional sources such as what you can get out of the bank (Although if you can, then go for it). Rather, these financing sources are probably those you have never even thought of while they have been around for quite a time. If you are a relatively new investor, your agenda should include attending a Real Estate Investors Association (REIA) meeting. They might have gotten a bad reputation for being pitch fests, but you would find a lot of these people who are willing to invest with you. Apart from that, this is an ideal place to meet potential investors. So, if you are thinking of investing in real estate—whether your first property may be at the sandstone in portico, here are a few of your options if you are doing it sans your own money.
- Private Money Lenders
There are a lot of money lenders around and they could be anyone you know or meet. These individuals are just regular people who have disposable income reserves or retirement accounts they are looking to invest. More often than not, they would not be actively seeking out investment avenues so it would be up to you to strike up a conversation with them about what you do. However, do not just expect them to immediately shell out money to finance your investment plan, you need to have a solid plan first.
- Hard Money Lenders
Investors who are rather new to the game would steer clear from hard money lenders as they high interest rates would tend to turn them off. However, if you have done your research well and you have worked your numbers to the dot, this option can actually be favorable. Hard money lenders are especially useful for shorter term real estate investment deals such as house flips as apart from the high interest rate and would charge points on top of that. If you are confident in your real estate investment, go for it.
- Family and Friends
Your family and friends need a lot less convincing than private investors as they already know you and as a result would be more receptive to investing their money. Unfortunately, convincing them would only be the easiest part—what comes after might be a series of complications. Though this is not always the case, financial deals involving family or friends would come with emotional issues. This is especially true when dealing with family members. However, do not let that stop you and just make sure you would be able to pay it back no matter what or you run the risk of straining familial ties.
- Partners
Another great way to get started with real estate investment is to partner with people who do have money. An excellent way to do this is to partner up with a private investor who would finance the investment while you do all the legwork. Whatever profits you make you split in half. Sure, you might be giving fifty percent of the profits, but this is an excellent way to build momentum in real estate investing. Your partner can be anyone—from a friend, a co-worker or even another real estate investor.
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