Creative financing can be a powerful tool to help you get YOUR first property in the bag. In this episode, Ashley and Tony explain the biggest differences between hard money, private money, and traditional lending, as well as which options will make your offer irresistible to a seller!
Welcome back to another Rookie Reply! If you need capital for a new deal, you might consider partnering with a parent. Of course, like any investing partnership, it’s critical that you structure it properly and include all important terms in your agreement. Our hosts will show you how! They also cover cash-out refinancing in detail, including how it works and how much money you can pull from a property. Finally, they talk about using wasted space in your investment property to make more cash flow! Do you need to pull permits? Will you get caught if you don’t? Stick around ‘till the end to find out!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover:
Using creative financing to make an offer more attractive to a seller
The biggest pros and cons of traditional lending, hard money, and private money (and when to use which)
Partnering with your parents and key terms to include in your agreement
When to order an inspection before submitting an offer on a property
Adding a new room in your home (and when you NEED to pull permits)
How cash-out refinancing works and how much money you can pull out
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Grab Your Copy of “Real Estate Partnerships” and Use Code “ASHLEY” or “TONY” for a Discount
What Is Creative Financing And How to Use It in Real Estate
What Investors Should Know About the Home Inspection Process
Follow Patrick and Danielle McGrath on Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-324
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Real Estate Rookie