Here is How to Save for Your Next Rental Property
Financing our deals is one of the biggest struggles any investor has. But there are soooo many options out there for how we can get our hands on some money!
When we break it down to basics, we either need to come up with the money ourselves or find creative ways to obtain it. Either way, we need to keep our own Financial House in order to attract the best terms in our deals. Today, let's chat about some practical things you can do today to get your money sit in good shape!
(Wanna skip to the fancy part about Creative Financing? Watch the replay of our recent Creative Financing Workshop here where we reveal 14 ways to get your hands on cash quick!) Ok back to building up that Savings Account....
Did I tell you about that time I quit my 6-figure job to move to Europe? 🤦🏼♀️
And when I then lost my wildly successful tour company I owned over there? 🤦🏼♀️🤦🏼♀️
Well, long story short, I moved back to the States in 2013 in massive debt and was barely earning over minimum wage. I had to learn how to build up my credit, pay down the debt, and save up as much as I could.
But it paid off!
In under 3 years, I was able to get out of debt and purchase, not one, but 10 doors to get me to Financial Freedom!
And now, it's your turn! So, here are the 5 Tips to Getting your Budget Under Control TODAY:
1. Think about what you need to save first Come up with a reasonable figure that you want to save each month and get that into a separate bank account. Personally, I have a direct deposit set up for a certain amount to go to a High Yield Savings account right out of my paycheck so I don't even see it! 2. Track EVERYTHING You need to know where your money is going to be able to make any changes. It doesn't have to be something forever but commit to tracking all purchases for about a month or so. 3. Prioritize Needs over Wants After tracking, you'll easily see trends and decide, if anything, you can cut. Make a list of things that are important to you so you can see if those purchases fall into those categories. If they don't make you happy, look to make changes there. 4. Give Yourself an Allowance! Remember those?! You could spend them on anything you wanted! Allow yourself some fun money on a weekly or monthly basis. Don't deprive yourself of the things that make you happy within reason. 5. Share your Goals with others Not all of our friends and family are supportive of money talks and that's okay! Want to know why? You have thousands of Lady Landlords that are now your family!
Need help getting through these steps? Get your very own Roadmap to Rental Properties in 3 Easy Steps Here!
Happy House Hunting!