Seven Steps to Find and Use Unique and Unusual Funding Sources

YOUR WHOLE KEY TO GETTING RICH ON BORROWED MONEY IN real estate is finding suitable lenders. You can get better results sooner in your search for real estate money if you follow seven steps for you.

1. Decide what type of real estate you want to own. At the start, it is best to specialize in just one type of real estate. Why? Because then you don't scatter your efforts or energy.

2. Search in your area for the type of real estate you want to own.

3. Get full data on projects that interest you. You'll need the Price, the Income, the Expenses, and the Down Payment.

4. Focus on one project that appeals to you. Don't try to juggle three or four at once. It will boggle your mind and you'll give up—confused. (And please don't send me four or six projects to evaluate at one time! I'm just one skinny little guy and I can only think of one project at a time!)

5. Determine how much money you need to take over the project
Remember: Your first mortgage is usually easier to get than your down payment money. Buy if your credit isn't the strongest, your first mortgage may be harder to get than you expect at the start

6. Look for your money in two places: long-term lenders for your first mortgage; short-term lenders for your down payment money,

7. Take the action needed to get each loan so you can close on the property and start earning money from it. That—remember— is the whole idea of your work—to earn money for yourself and your loved ones!

 

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