When you’re looking to expand your portfolio, you’ll likely need to consider multiple funding options. Often the methods that new investors use to get started are not sustainable long-term. If you’re looking to expand your funding options, where should you look?
On today’s Q&A edition of Investing in Real Estate, you’re going to hear my opinions on three different listener questions. Today’s topics include finding real estate funding, the best places to look for HELOCs, and how to cope when you’re investing out of state.
On this episode you’ll learn:
- How to shop for real estate funding.
- Where to look for HELOCs on rental properties.
- What to do if you’re nervous to buy a rental property out of state.
How to Shop for Real Estate Funding
One great, cheap option for getting real estate funding is to access business lines of credit through morrisinvest.com/funding. This option allows you to gain 0% business credit cards. Other options are dependent on your goals, but can include non-recourse financing, private money, and traditional loans.
Where to Look for HELOCs on Rental Properties
We’ve had success attaining HELOCs, refinances, and other traditional banking products at Flagstar Bank. HELOCs have been hard to come by during the pandemic, but lending is beginning to open back up after backing by the Federal Reserve. Other options include using sites like LendingTree, Discover Home Loans, Quicken Loans, Figure Loans, Amerisave, and Refi Rate Guide.
What to Do If You’re Nervous to Buy a Rental Property Out of State
While we can’t speak for other companies, our full-service team is happy to help calm your nerves. For an example, check out this review with our client, Norvella. Norvella came to visit her potential rental property in Texas, asked questions, and ultimately felt reassured by the entire process. Additionally, it’s important to remember that if a full-service property is covered by non-recourse financing, it has already been vetted by the bank. Do your due diligence, and then take action.
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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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