Ideas for raising money quickly for next rental property?

Ideas for raising money quickly for next rental property?

Cleveland, OH · Member since 2014 · 79 posts · 17 votes

My goal in life is to own as many rental properties as possible. I recently purchased my first duplex. I would like to make managing the properties my full time job. As everyone knows, purchasing and fixing real estate requires a good amount of money. I currently do not make very much money at my full time job ($30k pre tax). I need to save up enough cash for a down payment plus enough for any repairs that need done on my next property. I was thinking about learning to trade stocks to hopefully earn enough to get my next rental? I am trying to get this rental business going, but $30k a year is not nearly enough for me to achieve this quickly enough. I just can't accept the fact of slowly saving a little each month until I have enough, which would probably take YEARS. I am open to any ideas that could help me earn money more quickly. I am striving for greatness, but feel like I'm stuck treading water in mediocrity. I need help getting to the next level and beyond.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    10y

    1 - Partners with cash

    2 - Don't "save" money..."generate it"

  • Akron, OH · Member since 2015 · 178 posts · 189 votes
    10y

    Getting knowledgeable enough to make the required money with stock trading makes it another business venture in itself. You said you want to be a landlord with as many properties as possible. That would sidetrack you considerably.

    One thought is to make your next purchase a "house hack" through FHA, etc. and live in one of the units for a time. That would keep the down payment and other costs low.

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