admin You may have heard of the phrase, “It makes money to make money.” We at DoorInvestor do not necessarily disagree with that philosophy, but like Rich Dad said, you can use OPM (Other People’s Money). Let’s face it, if you are working on your real estate portfolio, or any portfolio as a matter of fact, chances are you did not born with a silver spoon and you need to work on building your wealth. In this case, we can assume that none of us have unlimited funds in our banks, and we need to work with a budget.
Save, then Invest
If you go the traditional path of “I save, and then I invest” we can tell that we envy you, but you will most likely take too long and by the time you accomplish your FI goal, there is a great chance that you are already at your retirement age and will not be physically capable to enjoy any of the freedom that FI brings you.
Apply for a Business Credit
What you (and we) should consider is how to accelerate the momentum, and there are many ways. If you do not feel comfortable asking your friends and relatives for money, a legitimate way to deploy the OPM strategy is via a Business Credit.
A business credit is a line issued by the bank that allows you to use it for growing your business. You need to be careful that certain business credit has clause that does not allow you to use it for real estate related purchase. But in most cases, a business credit should allow you to purchase real estate. So just be cautious and do the due diligence to double check.
Getting a business credit as a beginner can be a daunting exercise. You may not know how to approach the bank, you may not know what documents to prepare, and you may not know how to answer their interview questions. To educate yourself, we strongly suggest you to take a look at the program below and help yourself out. Others have already gone through the path to succeed, you just need to follow.
