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Updated about 5 years ago, 12/09/2019
How to more rapidly save for my first investment property
I'm new to this world but dedicated to retire early on REI. I've been putting away a big chunk of my paycheck this past year to try to build up my savings for a first down payment but it's been a slow process! I live in LA so expenses are high and I'm only working with a 75K income. I'm putting about 20-25% of each paycheck into a "high" interest money market account. Is there anywhere else I should consider investing my savings to grow faster while I save more for a bigger down payment?? I could pull off a down payment for a class c or lower type of property out of state and BRRRR it, but being my first one (and literally all of my savings), I'd rather save up a class B or better since I have to go out of state, hence the need for a larger down payment. I know there's alwyas private money, but I don't have any close connections with the funds to offer, so I'll need time to build up a network of private money lenders - so in the meantime, any strategies to accelerate the savings account, other than spend less?? Thoughts?
Thanks in advance!