If you want to earn bigger, the best thing you can do is to invest in real estate. However, most of the people come up with excuses and reasons that tend to explain why they are unable to start with real estate fairly quickly. The most common excuses are usually about no money or no experience.
But, it is also true that if you want to receive passive income, you will need to invest in real estate. So, the first thing you will have to do is to stop whining. Secondly, you need to have right attitude. Instead of finding excuses to justify your failures, you will need to look into the ways that can bring you out of the difficult situations. This is the right attitude that can help you to be successful in the field of real estate.
Having that said, it would be worth mentioning that ways you can invest in real estate with no money and less experience.
You can start your career in real estate with house hacking. The reason it is effective for newbies is that it is safer than other investment methods. Once you will start receiving passive income, you can think about investing in something bigger. All you will have to do here is to purchase a duplex, triplex or four-plex. You can live in one unit while renting out other units.
There are a few reasons why this way investing your money in real estate is beneficial.
- The first reason is that anyone can qualify for FHA loan.
- Secondly, you will be able to learn a lot about how to be a landlord. When you are living the next door, not a lot tends to go wrong.
Home equity loans
Is the value of your home more than what you owe at the moment? If this is the case, you can get a home equity loan. You can use that loan money to purchase the entire home.
Another quite easier way to invest in real estate is seller financing. It is an amazing way to buy a property which you can use for doing the real estate business. You can purchase the property and pay the price of that property in monthly installments. When the price is fully paid, you will not have to pay anything for it anymore. This way of buying property is particularly helpful for the people who do not have enough money in hand to buy properties.
Contact hard money lenders
Another way to purchase property is to get the purchase financed by hard money lenders. You can find a lot of hard money lenders who give loans for living. They can be expensive so you will have to do the math in order to determine if you are saving something after selling the home and paying all the dues including fees to hard money lenders.