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If buying real estate is something you truly want to do, then the old adage applies: where there’s a will, there’s a way. In this video, I’m going to share creative financing secrets for buying real estate!
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Taking a 401k loan. Did you know that you can borrow funds from your 401k plan? This is different than withdrawing, which comes with high taxes and penalties. A 401k loan can be a powerful way to buy rental properties because you’re paying the interest back into your 401k, and in turn growing your retirement fund. If you have a sizeable 401k, and no intentions of leaving your current employer, consider using this strategy to grow your portfolio.
Utilizing forgotten retirement plans. A great way to use these funds for investing is by rolling those funds into a self-directed IRA. If you find that you do have some funds available, our team of self-directed IRA experts can help you set up your new account in just a few minutes, and then rollover your old funds so you can start utilizing them. It’s important to note that there are special rules about investing in a self-directed IRA, but our experts are trained on this. If you’re interested in buying real estate with retirement funds, you can schedule a free call at morrisinvest.com
Tapping into your home equity. If you own your home, or any property for that matter, consider utilizing your equity to grow your real estate portfolio. In this housing market, it’s highly likely that your home has appreciated in the past few years. Chances are, you have a sizeable chunk of equity that you can deploy. This is one of the greatest wealth building tools that people overlook. There are a few different ways to tap into your equity, but most investors we work with tend to use a home equity line of credit, or HELOC. I have a full, in-depth video called The Ultimate Guide on Leveraging Your Home Equity. https://bit.ly/3uwqCAs
Trading up. Something we teach in our free 90-day Financial Empowerment Bootcamp is how to turn your non-performing assets into performing assets. Download the bootcamp for free at https://morrisinvest.com/bootcamp.
Partnerships. A real estate partnership is a great way to link up with other investors and pool your resources. See my videos How to Buy Rental Properties with Multiple Investors (https://bit.ly/2Qsrnnb) and The Pros and Cons of Investing with a Partner (https://bit.ly/47CPEfN).
Private money. For anyone who is interested in pursuing private money, I always recommend the book Getting the Money by Susan Lassiter-Lyons. https://bit.ly/3o8xLEA The book will teach you the exact steps you need to take to approach lenders and close deals.
Referrals. At Morris Invest, we have a great referral program that allows you to save up credits toward a rental property by referring your friends and family to us. You can read the fine print on our referral program at https://morrisinvest.com/refer
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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