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In this video, I’m going to share some strategies you can use to acquire your next rental property. These are some of the smartest methods you can use in 2024 to build your net worth, reduce your taxes, and reach your financial goals.
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👨🏻‍💻 Sign Up for My Webinar: https://morrisinvest.com/webinar ----------------- Conventional mortgage. Using the bank’s money to buy real estate is one of the smartest strategies you can use to buy rental properties. I know there’s a lot of debate out there about rates, but smart investors know that as long as your returns are higher than your interest rate, you’re making a good deal.
House hacking. What if you could have free housing, with someone else paying your mortgage? House hacking is a powerful way for beginners to get started investing in real estate. House hacking is when you buy a piece of real estate, like a duplex, live in one unit and rent out the other. The tenant’s rent should cover the entirety of your mortgage payment. Just imagine how this strategy can change your life. You’re eliminating your housing expenses, buying an asset, building your net worth, and building equity that you can use to buy more performing assets. House Hacking: The Ultimate Guide: https://bit.ly/3LM6sH8
401k loan. More and more people are catching on – the 401k isn’t so hot. Taking a loan from your 401k loan can be a great way to grow your portfolio. Especially if you have a sizable 401k balance and no plans to leave your employer, you can initiate a transfer from your 401k and use those funds as a down payment to buy your rental property. Stop Investing in Your 401k: https://bit.ly/3mvlnIG
Self-directed IRA. You’d be surprised how many people leave behind their retirement accounts when they change careers. But instead of letting those funds sit in old accounts, your money would be better utilized inside of a self-directed IRA. A self-directed IRA works just like a traditional IRA, except it allows you to invest in a wider variety of assets, like rental properties. Self-Directed IRA Investing Playlist: https://bit.ly/3W1gKH9
Private money. Using private money to buy real estate is a great idea for any investor who cannot or do not want to use traditional financing. A private loan is a short-term loan that is typically provided by an individual or an organization. It can be as informal as your friend or as professional as working with a professional lender. Private money allows for so much more flexibility than any other loan type. You can expect much less red tape but be sure to do your due diligence and look for credible lenders.
Non-recourse financing. A non-recourse loan is a commercial lending product that is based on the projection of the asset, not you – so dings in your financial snapshot, like a lower credit score, don’t really matter. Some drawbacks of non-recourse lending is that you’ll need a higher down payment and can expect a higher interest rate, but as long as you buy right, non-recourse financing can help you reach your goals. The Power of Non-Recourse Financing: https://bit.ly/34aZwiS ----------------- 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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