How to save for rental property?

[Nicholas Blaylock]

Need in depth advice on what financial portals would be best to help me possibly save up for my first rental property. I currently have a household income of 42k, and looking to save up short term (roughly 6-8 months) to purchase real estate. I’ve been looking into Money Market Accounts, but skeptical on the fact that I could lose my money while I’m trying to save. Any advice would be truly appreciated. Thank you!

[Brian Adzadi]

@Nicholas Blaylock

This is where Dave Ramsey's wisdom of "Your income is the most powerful wealth building tool." comes into play. Putting your money into these Money Market Accounts will not gain money for you fast enough to start putting down payments on a rental property.

Do you know what will?

1. Doing overtimes at your job

2. Delivering Pizzas every night

3. Doing Uber at your free time.

Each one of those can easily get you $1,000 a month. That's a lot faster than what a Money Market Account can get you a month. I like Uber as a way to make money because it helps you 2 ways. 1. You are making money 2. You can write off your gas, insurance, maintenance and every other car/Uber related expenses on your taxes to lower your tax liability.

Literally double-dipping without the penalties.