Deciding to invest in commercial properties in Harlingen, Texas is an excellent choice and one that the staff at SRC Land supports entirely. Land ownership in Texas is an increasingly profitable investment, and thankfully, there are basically unlimited ways to profit from purchasing commercial properties in Texas.
Residential properties, on the other hand, also make a great foundation for your American dream in the state. No matter what your reasons are to consider beginning your land ownership process, the expert team at SRC Land can help.
The first step in purchasing more property is ensuring you have enough money to make an initial down payment. Typically, this is just a percentage of the entire cost and will be used to help you finance the payment in full over time, so it is important to make sure you’re in a place that’s financially sound for acquiring more property.
1. Reference Your Financial Portfolio and Savings
While you may be surprised by how much you already have saved, it’s important that you check all the assets you have including certificates of deposit (CD), money markets, saving accounts, and other funds you may have in financial institutions. You may not wish to spend the entirety of your savings on a property purchase, but your available funds and assets should help you determine if taking this big financial step is right for you.
2. Sell Unneeded Valuables and Hold a Garage Sale
Take a look around old storage spaces in your house, like the garage, attic, or crawlspace. You’ll want to find big-ticket items that you can sell for a profit, anything from an extra vehicle not in use anymore to spare pieces of jewelry laying around.
While it may be hard to part with some of these items, selling them can help you reach your financial goals to purchase property. Advertise for a garage sale in your community, and set a date to try and get sell some of the items you find and are comfortable selling.
3. Join Online Selling Platforms
If you want to take a more virtual approach to earn some extra money, there are websites like Letgo and Poshmark where you can open an account on to sell products laying around your house that you aren’t using as regularly. In addition to clearing up space in your home, you can work your way to getting even closer to having sufficient funds to purchase a new property.
4. Team Up With a Family Member to Save
If you have a person in your life who you trust and you would like to share your new property with, work out the details of the payments and ownership before moving forward with anything else. This can be an excellent, if often overlooked, way to acquire new property. This method can help you and your loved one expand investment options as well as your assets.
5. Take the Owner Financing Route
It is common for property buyers to work with sellers on paying off the overall purchase of the land. This is especially helpful if for some reason you can’t get a loan to help with the purchase. Owner financing is a way for those without credit or with poor credit purchase land by allowing them to seek financing directly from the property owner.
This process bypasses the usual red-tape associated with traditional lending and allows lenders and borrowers to negotiate terms more directly. While it may not be a possibility with every lot distributor, SRC Land can help you purchase the lot of your dreams through a seller financed mortgage.
SRC Land: Making Land Ownership a Reality in the City of Harlingen
Our team at SRC Land is committed to helping you weigh out your different options when it comes to moving forward with this new purchase. Follow these steps, take stock of your assets, and let us know how we can help you pursue your dream of owning new residential or commercial property in Texas.