Real estate mogul Barbara Corcoran advises young people to “beg, borrow and steal” to get into real estate early, and while the phrase may be tongue-in-cheek, it underscores the urgency of starting as soon as possible. If you’re wondering how to break into the real estate market on a budget, consider these creative strategies.
- House Hacking
House hacking is an excellent strategy for first-time buyers. Lindsey Harn recommends this approach as a way to ease into real estate ownership while generating income.
“Buy a single-family home and rent out the rooms or invest in a multifamily property and live in one unit while renting the others,” Harn suggests.
- Rent-to-Own Opportunities
Rent-to-own agreements allow you to save for a down payment while living in the home you’ll eventually purchase. It’s a flexible option for young investors who may not yet have the funds to buy outright.
- Owner Financing
Owner financing can make property ownership more accessible by eliminating the need for a traditional mortgage. According to Harn, this can be a smart entry point for new investors who want to avoid stringent lending requirements.
The real estate market offers endless opportunities for those willing to think outside the box. Contact the team at Lindsey Harn Group today to get started!