Buying and selling property for an increased fee is all the rage of late, as such – there are an increasing number of people who are looking to invest in this market. You do need to have a little bit of cash behind you to get you started on your property. It could be for the initial purchase, or the renovation – the idea is that you’d more than make it back when you resell it if you do it well. Here we list some ways you can fund your first step into property.
Outreach on Social Media for Investors
Social media is become a great way to get investments. When you go on Facebook, you will see that there is a groups section that is now very prominent. Here there are groups based on location of where you stay and based on interest. If you search for groups relating to property keywords – you will be presented with a lot of different options. The idea is that people who are members of those groups will share your interest in property. Join these groups and let people know that there is an investment opportunity available and see if you get any contacts.
Look into Getting a Loan
If you have good credit, a loan is another option. If it’s a short-term loan that you need, make sure you check the flexibility when it comes to payment plans so you can get it paid off early if you need to. When you choose a reliable loan company such as Citrus Loans who are authorised by the FCA for example, you can fill out a very simple application form and get a decision quickly. Even if you don’t get approved – this won’t leave a footprint on your credit score, so there is no harm in trying. This could give you the cash injection you need to start earning a passive income through property.
Budget for a While
Depending on the amount of money you need to get started – it could be that all you need is some clever budgeting. Making some simple changes to your personal life could see you with lots more disposable income. See if you can make savings in terms of your regular household bills and utilities. For example, when was the last time you compared your telephone contract with other providers to see if there are savings to be made? Do you have any contracts that are reaching a conclusion? This could give you the opportunity to negotiate a much better deal. You also might want to think about cutting down on certain expenses. If you eat out once a week for example, maybe cut that down to once a month. All of these small savings do add up and could leave you with the cash you need to help you on your way.
Sell Items you Currently Own
With the likes of eBay and Facebook Marketplace – it has never been easier to buy and sell items online. There could be some valuable items in your home that you have simply forgotten about – or no longer make use of that you could sell. Depending on the medium that you use, there are little to no fees involved – so all it would take is a little bit of your time. If you have a garage, or a loft – make sure you have a rummage about to see if there is anything that is worth selling.
Ask Family or Friends for Investment
You never know, you could have some family or friends looking to make an investment. Why don’t you ask around and see if anyone would be interested? It doesn’t need to be a favour – you could give them a cut of the profits you make, or you could pay them back some interest similarly to how you would if you were getting a loan. If you were to do this however, make sure that there is a clear agreement in place, as the last thing you want is to create a strained relationship with your family members.
Interest Free Credit Card
Although you wouldn’t put a deposit for a property on a credit card, there are elements of the renovation that you could put on a credit card. There are lots of interest free options these days – so you don’t get charged anything extra until after a certain period of time. After which point, if you still don’t have the funds to pay it back – you can always look to switch to another credit card provider. There can often be other benefits with credit cards such as discounts in certain stores, or they can double up as loyalty or cash back cards – so research wisely.
If you are looking to start a property portfolio – or you would just like to try out as a hobby or side project to make more money for your retirement – look into these options for funding.