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Updated about 4 years ago on . Most recent reply

User Stats

5
Posts
2
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Austin Opfer
  • Realtor
  • Minneapolis
2
Votes |
5
Posts

I've got my first property!! No where to grow my money???

Austin Opfer
  • Realtor
  • Minneapolis
Posted

Hey BP,

I'm stoked to announce I have my first duplex under contract! I will be an owner/occupant and with all the perks from being a first time home buyer I only had to put a few thousand dollars in the deal!! Once I buff out my reserves a bit for this property I'll be looking forward to my next investment very soon.

With the boosts in my savings rate from lower housing costs thanks to the duplex as well as pay increases from my career...my question for all of you is...where is the best place to grow my money for the next property? 

Should I open a Roth IRA and place money in some different ETFs, REITS, and maybe a splash of crypto? I'm willing to risk some in the market but for the most part I'm looking for an "accelerated savings" so to speak. I want to be able to access the capital anytime I want but have it (hopefully) grow over the 1-2 years instead of it remaining stagnant in a savings account.

I know there's a ton of resources but I wanted to get some thoughts from the BP crew that will point me in the right direction.

I'm grateful for any insight!

  • Austin Opfer
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