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Updated over 3 years ago, 04/14/2021

User Stats

44
Posts
33
Votes
Cathy S.
  • Rental Property Investor
  • San Diego, CA
33
Votes |
44
Posts

How to accelerate saving up for down payment for next property

Cathy S.
  • Rental Property Investor
  • San Diego, CA
Posted

I would like some ideas to accelerate purchasing investment properties that isn't just saving as much money from my full time job and setting it aside to get that next 20% down payment for the next property. 

Some context - I work in the tech industry and bring in a decent tech salary, but even with that 6 figure salary and save (conservatively 10k / month), it'll still take 1-2 years to save up for 20% for a SFR / multi-family in the San Diego area (let's say 800k-900k range, if it stays that range and doesn't continue going up like crazy). It just seems like chasing a moving target - housing will continue to rise and salaries won't match that pace. In addition, I feel nearly capped career-wise, since senior developers who go the individual contributor route are capped salary-wise up to a certain point. I am also incredibly impatient and don't like the idea of being stuck in an industry where I have little interest in, just for the sake of getting that income to fund my next property (and to look good to lenders).


Besides saving up for the traditional 20% down conventional route to fund my next property, I would like to find ways to accelerate this timeline. I have considered some creative financing options and other non-traditional routes, but still feel as if I am too unfamiliar and how some creative strategies seem to be more risky.

It's like I am spending my day to day grinding through a job that I find no fulfillment or mental stimulation in, just so I can slowly make baby steps towards saving up for that next property.


If anyone is in the same shoes or has any insight or advice, I would appreciate it! 

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