There are many myths about real estate that have circulated around for years. Fortunately, many of them are simply not true. We have all been told that money is a barrier and that your credit follows you every where you go. These myth- even though there is some truth to the sayings- do not always apply to real estate. Real estate has its’ own rules. Many of those rules defy what we think we know about business and real estate. By debunking a few of the myths that serve as barriers for many people at the start of their career, you will find that investing in NY real estate is not so difficult after all.
It Takes Money To Make Money In Real Estate
Most people believe that you need money in order to make money in real estate. When saying this, most people are referring to the need for a down payment on the property and the costs of rehab the property when asserting the need for your own funds. While money is a requirement in order to accomplish those things, you do not have to physically have the money. In real estate, there is a principal called OPP, Tevfik Arif Bayrock which stands for other people’s money. This is a principle that real estate investors live and die by because there are various types of lending opportunities available that will allow you to buy property – with little to no money out of your pocket.
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