At what point can I buy my first property?

[Antonio Cypert]

I've been saving my pennies and will be closing in on $10k saved in about 4 months. I've been thinking about this for a long time and the number I have had in my head is I need around $25k saved if I want to buy a property that is $100k. The thing is I live in the Phoenix area and I would like to invest somewhere that I'm familiar with, and if that's the case I'll need to save 3-4 times my original estimate. At my current rate of savings that won't be for another 8-9 years... and I'm far too impatient for that.

What options do I have that can help me increase my buying power and be able to invest in my first property in the next 1-2 years rather than the next 8-9?

[Nathan Gesner]

Quote from @Antonio Cypert:

I've been saving my pennies and will be closing in on $10k saved in about 4 months. I've been thinking about this for a long time and the number I have had in my head is I need around $25k saved if I want to buy a property that is $100k. The thing is I live in the Phoenix area and I would like to invest somewhere that I'm familiar with, and if that's the case I'll need to save 3-4 times my original estimate. At my current rate of savings that won't be for another 8-9 years... and I'm far too impatient for that.

What options do I have that can help me increase my buying power and be able to invest in my first property in the next 1-2 years rather than the next 8-9?

Read "Set For Life" by Scott Trench. Solid financial advice and shows how he got started with house hacking.

Most people work 40 hours a week and live paycheck to paycheck. You need to be different if you want to be different. Increase your earnings at your current job. Pick up a second job. Find a new job. Start a side hustle. There are so many job openings in this country that there's no excuse. You could work a part-time job stocking shelves at Walmart and earn an extra $20,000 a year. You already saved $10k in four months, so that means you are capable of saving $50,000 or more in one year. It just depends on how bad you want it.

House hacking is the easiest way to get started. Live in one unit, rent out the others. Less than 5% down means $50,000 will buy you a $1 million property, though you obviously wouldn't want to try for that.

Also keep in mind the market is at a peak. Hang on for a year and you may see property values stabilize or even drop, making it easier to find something that makes more sense.