You quit your job but what about your mortgage?
How indiehackers manage their finances is something I'm always interested in, but here's one specific question...
To Indiehackers who quit their jobs to bootstrap their own idea, how are you getting a mortgage?
I realise you probably made sure you have savings enough to pay bills and mortgages for X amount of months. But if you're bootstrapping then I guess you are just not re-mortgaging to get the best rate and not planning to move house anytime soon...
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We bootstrapped until we saw there was some traction, having mutually agreed we'd go full-time at $120k ARR. We ended up going part-time around $60k ARR, contracting 2/3 days a week to cover any shortfall in salary.
Bootstrapping doesn't need to be a do/die. It's worth speaking to your employers as to whether they'll consider flexible working or looking out for short-term contracting gigs to soften the blow.
We made the transition from employee to founders without really losing a significant amount of annual income.
Hi there! Based on my personal experience, taking out loans or a mortgage is often seen as a last resort when it comes to investing money. Unfortunately, I found myself in a situation where I had to resort to this option. I went with
( https://www.morfinity.co.uk/commercial-mortgage-broker-birmingham/ )mortgage advisor birming for my latest mortgage, although I'm sure there are other more professional platforms out there. Nonetheless, I was satisfied with their service as they took the time to explain my rights and obligations thoroughly, allowing me to make an informed decision about any risks involved. In my opinion, anyone who wants to invest while taking out a mortgage must proceed with caution and do their due diligence.
Hey, to answer your question, I can tell you something from my experience. I unfortunately had to make some loans but also take the mortgage. This is a mechanism that many use when they no longer have any solution to find money to invest. I got my last mortgage from Mortgage Advice Birmingham. Maybe you know more professional platforms, but I was recommended this. It seemed quite ok, since from the beginning I was explained all the rights and obligations that I have, so I can take any risk myself. I think that as I described above, every person who wants to invest and at the same time take a mortgage must proceed
I find in Australia as long as you have a job you can get a mortgage even if you started it yesterday- so just time getting the loan or refinance for when you are employed
Agree. You can mix and match your financial resources, doing some freelance work 2/3 days a week and some stable MRR works well to.