It’s easy to look for property, but paying for your mortgages for years? It’ll bleed your money and will damage your cash flow. So what I’m going to teach you is how you can purchase a property while skipping the hardest part, the years and years of payment.
First, look for a home equity loan. With a home equity loan, you use the value of your home as collateral for the loan. This is a great option, because you’re borrowing against your own property and will only have to repay the loan with interest, not from other sources of income.
Another way is through a mortgage broker. Mortgage brokers can help you find lenders that will give you more favorable rates and terms than what traditional banks offer. They can also help you find loans that allow for less upfront cash outlay or loans with lower monthly payments than what banks offer.
Then, the most important part that most don’t know you can do is, once you are able to get the property to start looking for a renter. One who will rent the property you just bought, so instead of you paying the loan you get, It’ll be the renter who will pay it off. You can get a property management company as I did, and they can also help you with this. They will be the ones to look for the renter, screen the renter, and collect and distribute the deposit. You just sit there and relax and still your mortgage is being paid.
So what happens now to the loan I’m telling you to get? Why do I have to get a loan when someone is going to pay for my mortgage? This is another pro tip for you. You can use the remaining loan you received to start your own business. Getting a loan to use for your business is harder than getting a loan for your property, so you see, you just hit two birds with one stone. You are able to procure two assets with just one loan.
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-Kenney Conwell