Andrew Carnegie once famously said, “Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
Real estate is a tried and true way to build wealth. This is as applicable to everyday people as it is to real estate investors. After all, growing your nest egg through owning a home is part of the American Dream. For investors, finding the right property at the right time is tantamount to winning the lottery and striking gold at the same time. So, what are some real estate investment hacks you can start using today?
You’re in luck because you have First Financial Depot on your side. Our founders have been helping clients find and secure the right funding for over forty years. In the decades between then and now, we have learned what works and what doesn’t. More importantly, we have learned simple real estate investment hacks you can start using today.
Keep reading to learn what they are and don’t hesitate to call us today at 423.388.2670 to get your loan process started. We’ve helped thousands of investors and earned our reputation as the nation’s premier private commercial real estate lender.
Find a Mentor:
These real estate millionaires, investors or savvy homeowners, all have one thing in common – they have a mentor. They have someone to show them what works and to warm them about what doesn’t work. They have someone in their corner, guiding them through trials and helping make successes even sweeter.
So, the first real estate investment hack you can implement today is to find a mentor. They don’t have to be an investor. In fact, veteran Realtors®, mortgage brokers, and real estate appraisers often make the best mentors. They’re in the market firsthand and can show you the types of properties and deals that work.
House Hacking:
While the term house hacking itself is relatively
recent, this idea has been around for centuries. House hacking is when you have tenants pay for your primary residence’s mortgage. Sometimes this is done directly through taking a small guest room and renting it out on Airbnb. We’re more interested in the idea of rental properties as a way to house hack, though.
This is when you purchase a rental property in a hot market and use the capital made through it to pay off both your mortgages. This requires a keen eye for investment and, truth be told, will require you to look at many properties to find the right one. House hacking might sound complicated at first, but that’s one reason you’re going to want to have a mentor in your corner to help you along the way.
Make Use of Hard Money:
We’ve saved the best real estate investment hack you can start using today for last because we’re particularly passionate about hard money lending. That makes sense, after all we’ve been in the business for decades. We have seen firsthand the agility and competitive edge that hard money offers.
Hard money offers a number of real estate investment benefits, including:
- · The ability to secure funding quickly, which leads to more closed deals.
- · A reduced amount of paperwork & no financial hoops to jump through.
- The ability to stand out from the crowd with cash-in-hand.
- No prepayment penalties.
These benefits, and many more, make hard money an attractive option for real estate investors. If you’re an experienced fix and flipper, or just starting out or any type of real estate investor, who needs someone to help you complete your project –
Call First Financial Depot today at 423.388.2670.
Our team of dedicated loan professionals can help you get the capital you need exactly when you need it.