Funding your renovation is a critical piece of the puzzle in renovating for profit. You may be more comfortable using the conventional ways of raising funds, such as borrowing from the bank, but there are other avenues for raising funds if you are willing to think outside the box.
Renovating for profit can be life-changing, and your chance of success increases if you ensure that your financial structure is set up before you start looking at properties. Imagine finding the perfect property and not being able to move on it.
Bernadette Janson shares six ways of financing your renovation projects, from the traditional tried and tested investment loans to joint ventures and investment partners. Sometimes you must be creative to make your dreams a reality.
Note: We can only give general advice with regard to finance and buying and renovating property. Your responsibility is to get advice from your personal finance experts before taking any action based on what we share with you in this article.
Watch the Episode on Video:
- 00:00 Intro
- 01:12 Set up your financial structure.
- 02:15 The traditional model
- 05:20 Joint venture
- 07:49 Find partners to invest in your project.
- 09:31 Vendor finance
- 11:35 Buying a property with options.
- 14:30 Loan
- 16:40 She renovates live
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