If you believe you don’t have enough money to begin investing, think again, the truth is you can’t afford to wait; there is no better time than now to start investing in your future. Residential real estate has proven to be a lucrative way to create increased cash flow in the now and provide income for your retirement. It’s helpful to work with a trusted friend, family member, or professional as you educate yourself on the business of residential real estate rentals. With some help, creative thinking, and possibly some hard work, you can begin taking steps now to ensure you’ll be able to look forward to a life of restful nights.
It’s no secret that Florida real estate is booming. According to the latest reports, the average home price in South Florida has increased by more than 15 percent since 2017, with some areas seeing even higher increases. Considering that national home prices have only increased by around 3 percent during this same period of time, it’s safe to say that Florida is one of the best places to invest in residential real estate right now.
While investing in residential real estate can be profitable for those who have cash on hand or good credit scores and low debt-to-income ratios (which means you can borrow enough money from banks), there are still plenty of ways for people with less money available in their bank accounts to get involved in this lucrative venture. Below we’ll look at some of these options so you can start planning your next move today:
Through today’s efforts, you’ll know your future is secure through diversified holdings, including tangible real estate investments that can’t crash overnight and disappear. If you’d like to look forward to earning passive income that will allow you to check off everything on your bucket list without worry, then read on as we explore how to invest in Florida residential real estate, no matter your budget. Please note that this article is for informational purposes, not financial or legal advice.
Partnership
Partnering with a local investor is one of the best ways to get started investing in real estate. You can share the risk and the reward, experience each others’ knowledge, and work together to make your investment successful.
Often, because your family is interested in your success, they are willing to invest in Florida residential real estate, no matter your budget, to help you get started. You can also form a partnership with friends or professional investors wherein they provide financial backing, and you invest your time and skills. Real estate clubs are also interested in partnering with you or even social media groups, micro-loans, or crowdfunding. Just be careful in selecting a partner to ensure you don’t end up with the short end of the stick. Professional investors like those at Patton Investment Properties work with investors at every level and can help you find a pathway to building your residential real estate investment portfolio. The professional investors at Patton Investment Properties are local investors who made their careers here in Florida and are passionate about helping others succeed.
Renting Your Home
You can also use your first home purchase as an investment property. You’ll need to have enough cash on hand to pay for the down payment and closing costs, but once the house is yours, you can rent it out to someone else and use the rent money to pay off any remaining mortgage balance.
If you’re a homeowner, another way to invest in Florida residential real estate, no matter your budget, is to turn your home into a rental property, renting a room or the entire house, depending on your circumstances. Although this is your home, you still need to perform the same prudent property management steps that provide the best tenant placement, one that will give you the least amount of headaches and provide reliable income. Again, professional investors like those at Patton Investment Properties can help you learn how properly manage your holdings to keep the cash flowing when you own rental properties. The professional investors at Patton Investment Properties work with the most highly regarded property management team, who can assist you with as little or as much of the duties of a landlord as you like.
Owner Financing
Owner-financed properties cut out third-party loans and are a direct contract between the seller and buyer. This opens another opportunity to invest in Florida residential real estate, no matter your budget. Professional investors like those at Patton Investment Properties can help you understand the different types of contracts and how this option can benefit you as a residential real estate investor. In addition, the professional investors at Patton Investment Properties can help you locate the owner-financing properties that will bring you the best returns.
Hard Money
Hard money lenders will loan you the funds through a short-term high-interest rate loan to invest in Florida residential real estate, no matter your budget, with the asset or the property held as their collateral. Professional investors like those at Patton Investment Properties can help you understand the steps you need to take to qualify for a move into a conventional loan if you cannot repay the hard money loan in cash. The professional investors at Patton Investment Properties understand the importance of a good deal for a hard money loan to pay off a residential real estate investment and will show you the ropes as you learn the process.
The professional investors at Patton Investment Properties can help make investing in Florida residential real estate easy for you, no matter your budget. From guiding you toward funding resources to exploring your options, the professional investors at Patton Investment Properties are passionate about helping investors succeed. Working with the professional investors at Patton Investment Properties brings the most sought-after skilled tradespeople to the table to handle any project and our full-service in-house team of industry specialists, including every professional necessary to handle the deal, from attorneys to the closing table. The professional investors at Patton Investment Properties and their entire team work with an investors mindset, saving you time, energy, and money through efficiency and communication. So let the pros at Patton Investment Properties guide you as you navigate the world of residential real estate investing in the Florida real estate market. Call Patton Investment Properties at (786) 454-2888.