Are you looking to buy a nice, custom, or semi-custom home but you’ve found that prices seem a bit out of reach? There are two strategies I’ve learned from millionaires that will allow you to get the home of your dreams:
1. Buy a smaller, more affordable home now. Once you’ve bought a more affordable home, you can make improvements to it, pay down the principal, and watch the value increase over time. Once your equity has grown, you can then sell the home in the future, using your equity as a down payment to buy a new one.
2. Buy a second property that will earn you money by renting it out. By renting out a second property, you can put away a certain portion of the rent collected each month and then apply that toward the down payment on the home of your dreams. If you also choose to rent out your current home, you’ll then have two different properties with monthly cash flow.
If you or someone you know is looking to buy their dream home and needs some help navigating the process, feel free to reach out to me. Have a great day.