Rent to Rent is a business that many would say you need little to no money to get started, but I would disagree with that. You definitely need some money to get started. Whether it’s your money or someone else’s money is up to you though. I would say that you would need at least £5000 per deal to get started. And before that, you’re also going to have your general business start-up costs.
When starting any business you’re going to need some legal work done, some advertising, some registrations you need to have (and we have plenty of videos on this topic on our site here). So if you have absolutely no money, you need to get out there and start networking. That’s pretty much the only continuous way of getting financing for your deals; by building joint-venture partners.
You can use all the traditional ways of raising finance, but this will rely heavily on your own personal situation. And before you borrow money, you need to understand how you’re going to be paying that money back. If you don’t already have a deal lined up, it can be trickier since you don’t know how you’re going to pay the money back. In certain situations, the pressure of having to pay back the money gives some people the extra boost they need in order to make things happen and build your business.
But you need to be very, very careful when you start raising funds or borrowing money.
So how and where can you borrow these funds? Find out by watching our short video.
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