Buying first investment property Challenges - I don’t have enough money
Buying first investment property Challenges - I don’t have enough money.
One of my goals is to help all the homeowners I know, have them own at least one investment property so they can have a better financial future.
Welcome to Wealthy Wednesday.
Now, buying the first investment property can be very challenging. And one of the challenges is I don't have enough money. For the down payment or for the closing costs. Now, that is a big challenge of a lot of homeowners.
They don't buy at least one investment property or a second home. Now, here's the solution. If you own a home right now, you know, the market, the prices are very high right now. You definitely have some equity. I just checked a comparable for one of the properties, they bought the house last year in North Miami. They have $90,000 equity in one year. Amazing.
So, this is the time you have to put thoughts to cash out that equity and buy a second home or an investment property that can give you some monthly income. The mailbox checks what I always talk about. The way you do is you don't do refinance because when you refinance, you're actually adding your primary mortgage altogether. So what you do, you get a line of credit.
When you get a line of credit, The good thing about line of credit is a separate mortgage and then you can pay it off anytime and you're going to have a target to pay that off slowly.
So, if you think you don't have money, give me a call. I'm going to connect with you with a lender who can get you a line of credit. And I can get you a property, off-market with a better price than the market. So you already buying an investment property with equity and get your first investment property. And that's just the start. After that, building a portfolio will not be any problem because you're going to take the first step.
Getting a line of credit out of the equity you have right now in your home without touching the first mortgage you have and buy an investment property, the first one. And I'm going to help you with that. It is very easy.
Trust me, if you talk to me for 15 minutes, you will take that step. My number is right here at the end of the video. Shawn Bhakta from Remax.