There are many different ways to build financial wealth. You can do it with a savings account at your bank, but with the current low interest rates, that will take a very long time and probably fall short of your goals. You can do it in the stock market, but the risk of losing your investment can be a concern and you may not get the return you hoped for. With both of these, if you lack the initial investment, you won’t get very far. All hope is not lost, however, as there is always real estate investing, which is attractive for a variety of reasons.
Getting started in real estate investing doesn’t mean you need to have available cash or even a stellar credit rating. Although those things can definitely help, there are other avenues that will enable you to get started. For one thing, you could move your traditional IRA or other retirement funds into a self-directed IRA so you can use those funds for real estate investing. There are special real estate IRA rules, so be sure to consult with a real estate law firm before going this route.
There are other ways to get started with real estate investing, as well, including with a lease-to-buy agreement, seller financing, contracts for deed, private loans, subject to, and hard money loans. An important thing to note is that whenever you are considering unique ways to get started in real estate investing, you should work with a property attorney that offers real estate closing services related to these types of situations.
If you are looking for an investor-friendly law firm in the Greensboro or Winston-Salem, North Carolina area, reach out to us at Innovative Closing Solutions. We have more than 20 years of experience with the many options that can be utilized to create income in the real estate market. Don’t hesitate to reach out to us to learn more so you can begin seeing your portfolio grow!