Financially savvy people are now setting their eyes again on real estate trends. Real estate offers long term potential than those get-rich quick schemes on TV. Building long-term wealth involves patience and focus – coupled with the right opportunity. The real estate market now is offering just that right opportunity for one to build long-term wealth.
If you are considering investment properties in Randolph County NC, then there are actually various financing options for you.
The first and foremost idea people think of when it comes to financing Randolph County NC investment properties is finding a mortgage. But since the lending market is still recovering from the recession, expect that it may take a while before the usual 20%-30% down payment decreases.
You could also set up a self-directed IRA in order to use your existing savings to make investments. The profits generated by the investments coming out of your IRA will stay there and even grow tax-free until you retire. But before you try out this type of financing, make sure you seek advice of a professional financial advisor or a tax attorney, since there are limitations to this type of financing.
For those who are 62 years and above, an idea that is not well known is the reverse mortgage. The idea is to let you gain equity on the Randolph County NC home you own without needing to sell it. The difference of a reverse mortgage wit a regular mortgage is that the equity need not be repaid until the mortgaged home is sold or the borrower dies. It may be repaid with the interest without any penalty any time.
To get more information on these financing ideas that will best suit your needs, you will need the help of a licensed financial counselor. If you feel that this is the right time for you to start investing in real estate, contact me for some of the best investment properties in Randolph County NC.