The devil is in the detail
When I meet people who are thinking about getting into property it’s not unusual for them to come up with a list of reasons why they haven’t got started yet. Some of these are excuses, but some are simply the result of listening to people who only have some of the information.
Even people who have been in the property business for many years believe certain things as fact - when there are legal and ethical ways to work around these.
Here are a few typical beliefs:
You need 25% deposit
One typical belief is that to get on the property ladder you need to save up a 25% deposit and get a mortgage.
Even if you are able to enhance the property’s value and remortgage after six months or more - that’s at least six months with your capital trapped in the property.
You need a good credit record
Another belief is that a poor credit record means you have no way to get into property, unless you have a big chunk of cash either by saving hard for a long time or getting a windfall from a relative.
If you’re going down the mortgage route, that’s true, but it’s not the only way to buy property.
You need a minimum provable income
You can’t get a mortgage without a provable income to service it. Again, this is true, but it’s not the only way to buy a property. You can fund your property purchase in a much more flexible way.
Your savings aren’t enough to get started
You don’t need upwards of £50K to make your first property purchase - although many investors would have you belief that. There are several ways to build up your cash pot, without a huge chunk of cash to get started.
If you’re going to rely on a mortgage to get you into property investment all these beliefs hold water, but it’s not what I call inspired funding! That’s why I created the Fast Funding Formula and that’s focused on ways to achieve accelerated investment.
The first step is to disconnect the purchase of a property with having to get a mortgage. It’s not the only way to borrow the finance you need to buy your property.
The second step is to change your mind-set. Start seeing potential property purchases in the same way a cash buyer would - and you’ll start seeing much better deals than most investors.
The secret of inspired funding is to know how to use bridging finance - and very specific bridgers - to set you free from the requirement for a mortgage.