Have you ever considered crowdfunding your real estate purchase?
Do you even think it is possible to crowdfund your real estate purchase?
We live in a world of “disruption.” A world of new technologies, a place where things that once seemed impossible are now considered the norm. Uber, Amazon, Airbnb and many others have completely changed the way certain people buy and sell goods and services. A gofundme or crowdfunding campaign can be set up in minutes to get you to go visit far away places, buy a new toy, help out a friend or a great cause, right?
Is it time to consider crowdfunding YOUR real estate purchase??
Heck, we’ve seen loans where mom and dad co-sign for their kids as a popular option for years, but this is different. Many new options are becoming available for people to buy and finance homes in ways they probably never expected.
One of the sites helping people crowdfund their home purchase is HomeFunded.com. A look at their FAQ page gives some answers to some of the questions that you should be asking.
Who can raise a down payment? “Any person who can legally buy a home can use HomeFunded.com to raise a down payment with two exceptions. Investors and businesses entities cannot start down payment campaigns as HomeFunded.com is dedicated to helping individual home buyers.”
What happens if you don’t qualify for the loan? “we recommend that prior to starting a down payment campaign you contact a reputable loan officer to see if you qualify for a loan to purchase a home.”
Should I hire a REALTOR before starting a funding campaign? Duh! You should absolutely consult with your agent to get a good feel for market conditions, inventory levels, property types and more before you begin your journey in to home ownership. We’re obviously here to help.