Saving Money is as Tough as Making It
Saving money seems to be one of the hardest things to do as a human, especially when you’re a real estate investor. The real estate investment opportunities out there waiting to be funded by you are endless.
Here, we give you the best ways to save money for those real estate investment opportunities!
Real Estate Opportunities, Say Hello to Savings Account
This one is pretty simple but set up a savings account. Putting in a dollar every day, for a year amounts to $365 right there. It may seem like a little, but it will all add up at the end of the day.
Create yourself a separate savings account named “down payment.” Go one step further and get your savings deposits automated. This way, you know there is some kind of saving going on without you ever really noticing. Plus, it saves you the trouble of having to manually deposit into the account. No excuses here!
Start small. You can start with tiny amounts and increase it with time. A down payment is required by banks for a reason- they want to be confident that you will be financially responsible. We know you can prove it, so show them!
Real Estate Opportunities Saving-Game Time
Have fun with it! Saving is such a dreaded subject it seems we avoid it at all costs. What about you put a twist on saving for the real estate investment opportunities out there? Be prepared to challenge yourself. For example, set up a month that is dedicated to saving on the electric bill, the next on car insurance.
There are a number of ways you can slash those bills in half to be able to pocket more money and save for those real estate investment opportunities. Are you up for the challenge to save to invest?
Do Some Juggling to Cash in For Real Estate Investment Opportunities
No, we don’t mean you have to physically be able to juggle. You asked how to save for an investment property, and we’re telling you. It would help if you are able to have your own small business alongside real estate investing. The real estate business itself is a good amount to handle, but that doesn’t mean you can’t have yourself a side hustle.
You most likely work 40-50 hours a week, meaning you have plenty of time to find something to do on the side. Any cash is some cash. Whether it is through selling items you no longer need or even having an online job, you can make it work. To catch some of those real estate investment opportunities, you want to go the extra mile. You are fully capable, so do it!
Related: Learn How to Invest in Real Estate While Having a Full-Time Job
Budgeting for Real Estate Opportunities- Major Key
You need to build yourself a budget if you have any hopes whatsoever of buying an investment property. Plan accordingly. Start by figuring out what the monthly investment property payment is going to be. Subtract that value from your mortgage or rent. Heads up, don’t forget to add those real estate investment costs like the different taxes and insurance!
Let’s say your spendings look something like $3,000 per month on mortgage (once you get a hold of the real estate investment opportunities) with your current rent coming at $1,800. Instead of only paying the $1,800 rent, pretend you are owning an investment property with the $3,000 mortgage payments. Put aside $3,000 as if you are paying off the investment property. That would come out as $1,200 in savings! Keep doing that for however long you are financially able to and you’ll have that down payment in no time.
A budget for rental property will help you do two things: 1. Save for that investment property down payment 2. Get you used to that mortgage payment being a part of your budget in the future. This way, you can make the adjustments needed and plan accordingly. You can also get a sense if you will be able to manage if now is not the right time.
Think Outside the Short-Term Box
Don’t think short term, think long term. Cut down on those short-term desires that will all add up in the end. One cheeseburger from Mickey D’s after another amounts to hundreds of dollars at the end of the year. You can do without it. Instead, keep those hundreds saved for a down payment for real estate investment opportunities.
Keep it Out of Sight
You won’t use what you can’t see. One simple method you can use to keep your money out of sight is using a piggy bank. Yes, a piggy bank. Any extra cash or change that you may have in your pocket will go into Mr. Pig and you won’t even know it was there in the first place. Better to be in the piggy saved for real estate investment opportunities than spent on something far less useful. Out of sight, out of mind.
Now we won’t actively help you save money for the down payment, but we can save you money and time while you go shopping for the best real estate investment opportunities. Mashvisor is a platform the provides you with the real estate analytics you need as a real estate investor. You are able to analyze and compare all the rental properties you can think of, all the way down to the neighborhood scale.
Related: How to Do a Neighborhood Analysis in Real Estate
You also get an idea of what your projected returns will be. These returns include cash on cash return and cap rate. Not to mention how much rental income you could be pocketing from the investment property. This allows you as an investor to make sure you’re not spending all that precious coin in the wrong investment property.
To learn more about our platform and all the goodies we can provide you, click here.
With Mashvisor, you’re able to make smart, wise, and quick decisions all through the click of a button. Be prepared to find the most profitable investments, as we don’t want all the cash you saved to go down the drain.
The more confident you are in the returns and the numbers, the easier it will be to give away that down payment. With Mashvisor’s property valuation, you’ll be confident enough to know that $1 you put into an investment property will come back a handsome Benjamin Franklin. So don’t miss out. Take the calculated risks in real estate with Mashvisor and get a hold of the best real estate investment opportunities.
To start your 14-day free trial with Mashvisor and subscribe to our services with a 20% discount after, click here.
So How Will You Save to Invest for Real Estate Investment Opportunities?
There are so many different ways to answer the question “how to save for an investment property?” These are only some of the ways you can save and invest. Buying an investment property can be quite a task, but if you have your funds right and the ideal real estate investing tools, you’re set to go. We love to give real estate investment advice, and with the many different benefits of real estate investing, we wouldn’t have it any other way.
Related: How to Invest in Real Estate in Your 20’s