Flipper/Rehabber · Columbus, OH · Member since 2018 · 51 posts · 22 votes
Hello,
Over the next 2 years, I'm going to be saving 50% of my W-2 income. I'll be using this money after the 2 years as my "savings cusion" and maybe a downpayment. I was thinking instead of letting it sit in a savings account with .01% APR, why not try something else with a little higher %APR. I'll be depositing money every week, so certificate of deposits won't work. I've thought of a money market account, thats about 2.5% APR. What do you all suggest? Thanks.
Real Estate Consultant · Brighton, MI · Member since 2013 · 607 posts · 251 votes
7y
Have you considered trust deeds? Typically, they pay 8-10$ interest for a period of 6 months to a year. We use Ignite Funding but I think they have a minimum of $10K. Suggest you explore some other companies and ask what their minimum investment is.
Explore what other banks interest rates are. Don't just assume they are all the same.
Rental Property Investor · Detroit, MI · Member since 2018 · 14 posts · 2 votes
7y
@Robb Werner I am very curious of a similar thing. Wondering what the best place to save my money while waiting for the right deal. Would love if you could share anything that ends up working well for you! Best of luck
Look into a high yield savings account (Ally, Marcus, Amex) or if you already have a brokerage account you can use the money market account or buy TIPS
Flipper/Rehabber · Columbus, OH · Member since 2018 · 51 posts · 22 votes
7y
@Annette Hibbler
Ill do some research on those, thanks.
@Ben Israel
Ill let you know once I decide on one!
@Bill F.
I've never heard of those but I will definitely read up on them. Thank you.
Rental Property Investor · Jefferson, GA · Member since 2017 · 95 posts · 145 votes
7y
@Robb Werner Try a money market account. Safe, readily accessible w/ little to no fees. I’m in one now for 2.5%, but I’ve seen some posts today where some BP members are getting up to 3%.
Real Estate Investor · Las Vegas, NV · Member since 2011 · 45 posts · 12 votes
7y
Anyone of you looking for a good high yield savings or checking account should check out the money blogs. Hustler money blog or bankrate.com or doctor of credit site for bank opening bonus + finding the highest yielding accounts.
Same with Charles here... I recently opened a CIT Bank Money Market savings account last month. Quick and easy way to hold money and get better return than your local bank.