Where is the Money?

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!

The Most Important Step in Real Estate Investing is Taking Action

Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action

Napoleon Hill could not have said it better especially when it comes to investing in real estate.  Having a strategic plan in business is essential in any economy, but I find a great deal of real estate investors have a desire to succeed and love to learn about investing—BUT they lack taking action.  So I encourage you to map out your plan of action.  Starting today, I challenge you to set your goals and assign daily tasks to complete in order to reach that goal.  For instance, if your goal is to buy your first investment property by December 1^st, your to do list may look like this:

·      Get pre-approved for permanent financing

·      Find hard money lenders

·      Look at 5 properties a month

·      Make offers and secure a contract

·      Find a property manager

I encourage you to continue to learn, but most importantly, take action.

To find out more about creating wealth in real estate, visit us as www.memphiscashflow.com.