There are many people in the world who do not possess the income to buy a house. If you are one of them, don’t worry, there are many creative ways by means of which you can collect funds for purchasing your home. Some options are easy while others can be dreadful ad they might involve legal complications. So, before you execute any creative funding plan, you should first contact a real estate attorney to make sure if your plan is practical.
One of the most common ways that people consider when they need funds is the joint ownership programs. In this program, the person takes assistance from friends/relatives in order to arrange the funds and buy the home. Then, the property is put for rent so that the rental money covers the mortgage payment and the remaining amount is shared between both owners.
Second option is to take the fixer upper upgrade route. In this case, the owner finds a home which is fixer upper so that he requires less money to buy the property. After buying the property and doing the repairs, the property can be put to rent and the mortgage payments can be taken care by the rental income. If you want to save money, you can do several repairs yourself!