There are so many people who want to get on the property ladder but aren’t sure how to make it work. They have ideas, they’re ready to hustle, but they don’t have the capital required to break into the market.
What do we recommend in these cases? There are several ways to approach the issue.
The first thing you can do is speak to a family member. See if they’re looking to invest in something new, either using some extra cash or a line of credit. If they trust you to make a smart investment or want to help you achieve your goals, they might be interested in partnering up or providing a loan.
The second thing you can do is take on a second job. Look for another way to actually earn more income in order for you to save up a nest egg and take that step.
If you’re someone who has experience in real estate but doesn’t have the funds to buy property right now, you might approach someone you trust and say, “Hey look – I have his track record, I’ve done this before. I’ve done these flips, I’ve made these investments, I’ve completed these BRRRRs.”
Once you have two or three successful executions under your belt, you’re going to find people who are interested in getting involved, because the returns are typically higher than the stock market or a GIC. If they know you, trust you, and believe in what you’re doing, there’s always a partnership that can be struck.
Before anyone shakes hands, though, the first thing you have to do is find the deal. If you have a great opportunity in-hand, people will be infinitely more open to buying in. So, you really just have to sit down, buckle down, and start researching.
Until you can self-fund, the best way to seek additional capital is consulting with trusted members of your circle. And if you really want to up your chances of a “yes,” come to the table with a deal they can’t refuse.
Want more tips on breaking into the real estate market? We’ve got tons! Reach out to our team – we’re always happy to chat.