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Updated almost 3 years ago,
START A REAL ESTATE EMPIRE WITH 10%
All in: 10% of the cost of the property and renovation – that’s the down payment and closing costs combined!
Example: you purchase a property for $100K, and the reno costs are $50K. To get access to the funds needed for this, you’ll need about $15K TOTAL.
If you decide to hold onto the property as an investment, you have ANOTHER great option.
Let’s say the property is now worth $350K, and you put a renter in place. We can refinance your original loan and take out up to 80% of the equity – with none of the new mortgage hitting your credit report. After paying off the original loan, you have access to over $150K to go out and acquire more income-earning properties. Lather, rinse, repeat.
You went from spending $15K out of your pocket to owning an income-earning property AND having access to another $150K for more projects without having to worry about adding them to your credit report.