How did you save up for your first investment property?

Question

Investors, how did you save up enough money for your first property? What was your investment strategy when you first started out?

Andrew Bang · Answer

Simple answer is spend less than you make.   But for investment properties there are plenty of people out there with money and no time, looking for investors with time that need money.  Just need to network in the right circles with a practiced pitch

John Morgan · Answer

@Alex Hujdus

I didn’t. I used 401k loans and credit cards to buy my first properties. Lol

Bryce Jamison · Answer

Years of trying to earn more at my W-2 job, paying off consumer debt and student loans, not letting my life style increase too much after getting out of college and as I got promotions and raises, and saving as much as I could.

I started on the Dave Ramsey plan, so for years I followed his strategy, but not 100% because I know how to payoff a credit card every month.

Yes, it took years to get started and my property portfolio is modest, but the only debt I have is investment mortgages, I've had a paid off primary residence for years, we crossed the million dollar net worth threshold years ago, and I've got a massive cash reserve. With this foundation I can only imagine where I'll be in another 5-10 years.

V.G Jason · Answer

We made money from other places, and look to put that money in new places that make us more money.

That's usually the train of thought. We don't leverage HELOCs, especially not in today's day of rate. That stuff is nonsense.

Up until 2023, most of my investments went to completely different avenues. 2023 REI took a healthy portion of my focus.

Richard Loniewski · Answer

I has almost nothing but I found a great deal and did a joint venture with an investors who provided the gap funding and another partner for experience. I had to give up 60% of the profit but I got it done and did my second one on my own. There are plenty of investors out there with money but no deal. The key to being successful in this business is networking!

Alex Hunt · Answer

Hey Alex, Many investors choose to utilize funds from a Home Equity Line of Credit (HELOC) to finance their investment properties.Please let me know if you have any questions on these.

How did you save up for your first investment property?

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