When you attended your first real estate event, it was probably expressed to you that you don’t need a ton of money to begin investing; and that is true. However, having even a bit of money can help speed up the process quite a bit. It is also true that properties can be bought with little or no money down, but what happens if you have to carry a particular property for a couple of months, or if a major item like a furnace or hot water heater breaks down?
A smart investor will constantly re-evaluate what finances they currently have at their disposal. That way if something does come up, you know where to find the money. This also gives you a great sense of peace and security.
So what are some of the financial resources you may have at hand but you aren’t aware of? Please note that there may be some repercussions of doing this and we highly suggest you speak to a trusted advisor such as your real estate mentor before doing this.
Here is a list:
Then add it all up. Then take stock of what you have available to invest. Remember not to totally deplete your resources as you should leave yourself a buffer for personal situations. Be sure to consult with someone that is an expert in utilizing some of these resources such as IRA’s mutual funds, etc. to make sure that the penalties and taxes don’t outweigh the advantages. (A mentor can be invaluable in helping guide you through this process) Look at and analyze the numbers. You have to be able to pay back and make a profit on using these resources and not drive yourself further into debt.
For a My Financial Resources sheet to help you track your resources please Click Here
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Attorney William ("Bill") Bronchick, host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 25+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the Executive Director and founder of the College of American Real Estate Investors. Click on the "About" link above for more information on William Bronchick. Frank Pulley is an experienced real estate investor and foreclosure specialist. He is the director of William Bronchick's Coaching and Mentoring Programs. For more info, contact [email protected]