Who doesn’t want to get rich? To achieve this elusive goal, you need to invest somewhere to reap rich harvest because to become a millionaire through your regular 9 to 5 job would take many years.
Real estate has always been one of the most reliable and stable means to invest and earn good money. There are lots of super rich people who owe their success to investing in real estate.
Most of the new and aspiring real estate investor have this wrong notion that to become a real estate investor, you need to have deep pockets and those living off through their regular jobs can invest only after they have saved a huge amount of money after slogging off for years.
They do not realize that if they are dreaming big and are truly passionate about investing in the real estate then they must challenge their preconceived notions and make the immediate foray into the world of real estate investing, even if they have as little as $5000 in their kitty.
Yes! It is possible to venture into the real estate with even $5000, though returns might not be astronomical, but you may get to test waters and even experience your first flush of success, if you play your cards right. Later on you can build upon the returns you get from your first meagre investment, as you would invest further with more experience and knowledge.
There are various ways through which you can make your first move and set yourself on the path towards financial independence. You can start with investing on a house for yourself. Instead of shifting through rental homes, vying for the cheaper rents because rents never stop to rise northwards, you can get your own abode.
You could be under the impression that you need to have money to pay for the 20% down payment. But this is not the case always. Some mortgage companies give you the choice of paying lesser or even no mortgage at all. You must explore such options because in this scenario, your seemingly modest savings of $5000, could make you a proud house owner.
But there could be a situation where you do not qualify for the mortgage due to the low credit score, in this case you can explore the rent to own option. In a rent to own contract, you pay your $5000 as an upfront amount and get into a lease agreement. During the lease period, you pay monthly rent as the normal tenants do, but at the end of the lease you can buy the home.
Actually in case of rent to own contract, there could be two options, one is obligatory, where you will have to buy the home at the end of the contract and another is optional where you can either buy the home or choose not to buy the property.
You can even turn your home into an investment property, all the while living there, if you have an extra room that no body in your family is using. You can rent out that space and earn a steady extra monthly income. You can invest your $5000 into upgrading that space and make it more comfortable, appealing to the tenants.
Thus, your seemingly little $5000 could lead to lots of interesting possibilities. If you are truly passionate about investing and want to know more about it, you can call us at (360)386-7493. We will be too happy to help you in every possible manner.
