Where am I going to get the money? It’s a common question, and a natural one. It’s a question that every real estate investor-new and experienced-has asked at one time or another. The money is there, I can assure you—somewhere. You just have to know how to find it. But before we look at finding someone else’s money to finance your purchase—certainly my favorite kind of money!—let’s take a clear, honest look at you and your money.
Here is a list of options to financing your deals:
| · Equity lines of credit |
| · Credit cards |
| · Cash value in life insurance |
| · Self-directed IRA |
| · Second mortgage |
| · Cash from savings |
| · Cash from checking account |
| · CDs, bonds, or stocks |
You can use funds from any of these means to use as leverage in using OPM (other people’s money), short-term financing, or out-right purchase. Your decision will depend on your overall strategy in investing in real estate. It is always better to have options and prepare for obstacles. Just keep in mind one my favorite quotes of Norman Vincent Peale, Empty pockets never held anyone back. Only empty heads and empty hearts can do that.
Visit www.memphiscashflow.com to learn more about investing in real estate in the Memphis market!
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