#AskBP 047: How Do I Save up Enough Money for a Downpayment?

Expertise: Landlording & Rental Properties, Personal Development, Real Estate News & Commentary, Business Management, Flipping Houses, Mortgages & Creative Financing, Real Estate Deal Analysis & Advice, Real Estate Wholesaling, Personal Finance, Real Estate Marketing, AskBP, Real Estate Investing Basics
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How Do I Save up Enough Money for a Downpayment?

The majority of first time real estate investors will use financing from a conventional lender, combined with a downpayment of their own personal savings.  But how can investors save up enough for this downpayment?  In this episode of the #AskBP Podcast, Scott shares his story, as well as his suggestions, on the best way to earn more and spend less to speed that first investment.

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Brandon Turner is an active real estate investor, entrepreneur, writer, and co-host of the BiggerPockets Podcast. He is a nationally recognized leader in the real estate education space and has tau...
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    Angel Rosado from Bronx, New York
    Replied over 5 years ago
    Once again a great podcast…This is something that I’m currently working through getting the down payment for that first one. Considering that I’m in nyc I have to get about the same down payment of at least 20k. Didn’t think about tutoring, may make this part of the plan. Do any investors think it gets easier after the first one?
    Michael Powers from Forest Hills, New York
    Replied over 5 years ago
    Great podcast. I love your point that every time you earn a dollar, you only take home 80 cents after taxes, but a dollar saved nets a full dollar of value. I always found that cutting expenses added more to my asset column than working extra hours, but I never really understood how that happened. Of course, it seems so obvious now! Thanks Scott!