Coming up with a bunch of cash can time time and careful planning. Here are a few tips that might help you to purchase sooner rather than later.
1) Discuss your finances and goals with your financial planner. Do you have assets that you can borrow against to make a down payment that leads to great income potential?
2) Look at your monthly spending? What is your “latte factor” that adds up over time? Are there items you can cut from your budget that won’t impact your current quality of life, but can significantly impact your future with smart investing in real estate?
3) Take a look at your primary residence. Do you have a good amount of equity in your home? Discuss your plan with your financial advisor then contact us to see what current rates are and how much you might be able to cash out with a cash out refinance. Alternatively, you could look into a home equity loan in order to borrower as much as 90% Combined Loan to Value on your home. The loan is tied to your primary residence which means the interest you pay may help you out at tax time.
4) Do you have a trusted friend who might be willing to be your business partner? A carefully crafted partnership might be the difference between waiting 5 years to purchase, or purchasing now. Just be sure to chat with an attorney and make sure responsibilities and roles are clearly defined.
If there is a will there is a way. You can make this happen for yourself and we can help!