Real Estate Rookie

How to Save for Your First Rental Property in 2025 (Starting from Zero!)

Dec 4, 2024

Mindy Jensen, a personal finance expert and live-in flipper who co-hosts the BiggerPockets Money podcast, shares invaluable insights on starting your real estate journey from scratch. Discover creative strategies to save for your first rental property, including leveraging retirement accounts and exploring side hustles. Mindy emphasizes the importance of budgeting and understanding associated costs while debunking the 20% down payment myth. Tune in for actionable tips to grow your income and build a strong financial foundation for investing in real estate!

48:41

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Episode guests

Mindy Jensen

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Quick takeaways

Effective personal finance management, including budgeting tools and debt assessment, is essential for accumulating savings for a rental property investment.

Exploring creative income-boosting strategies, such as side hustles and house hacking, can facilitate quicker savings towards the 2025 real estate goals.

Deep dives

Mastering Personal Finances

Building wealth through real estate begins with strong personal finance management. Understanding your financial position involves taking stock of income, expenses, debts, and existing investments. It's crucial to develop an emergency fund to cover unexpected repairs that often arise after purchasing a property. Identifying areas of overspending can help individuals reallocate funds towards their real estate investment goals.

Intro

4min

Modernizing Personal Finance for Real Estate Investment

2min

Navigating Down Payments and Real Estate Costs

4min

Understanding Rental Property Costs

6min

Building a Strong Financial Foundation for Real Estate

5min

From Paper Handbags to Real Estate Insights

8min

Financial Foundations for Real Estate

19min

Do you want to buy a rental property in 2025 but fear money could get in the way? Putting 15%-20% down is a huge hurdle for new investors, but there are several strategies you can use to limit your expenses, grow your income, and even put LESS money down. If you want to know how to save for a down payment as quickly as possible, you need these money-saving tips!

Welcome back to the Real Estate Rookie podcast! Before you can invest in real estate, you need to lay a solid financial foundation, and today, personal finance expert, master live-in flipper, and co-host of the BiggerPockets Money podcast, Mindy Jensen, joins the show to weigh in on this crucial topic. Do you have your spending in check? Are you finding ways to grow your income? How’s your credit score looking?

Whether you’re starting from scratch or looking to level up your finances, we’ll share some actionable steps you can take toward buying property in 2025. We’ll also talk about ways to leverage your retirement accounts to buy real estate, whether you should pay down debt before investing, and other investments (that aren’t real estate) that could help you build wealth!

In This Episode We Cover:

ow to go from ZERO dollars saved to a full down payment for a rental property

Whether you should pay off your debt before investing in real estate

Creative ways to grow your income so that you can save money faster

How to avoid a 20% down payment when buying your first property

Leveraging your retirement accounts to buy passive real estate investments

How to build wealth with other investment vehicles (beyond real estate)

And So Much More!

Links from the Show

Ashley's BiggerPockets Profile

Tony's BiggerPokckets Profile

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