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

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 4 December 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube BiggerPockets Money 97 – Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 35 – Hacking Your Life to Live for (Almost) Free with Craig Curelop Qube Money Buy the Book “Real Estate Rookie” Find Investor-Friendly Lenders BiggerPockets Money 110 – Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life Connect with Mindy (00:00) Intro (01:13) Laying a Financial Foundation (06:10) Saving for a Down Payment (12:58) How to Grow Your Income (22:59) Other Investment Avenues (28:24) Leveraging Retirement Accounts (31:58) Paying Off Debt vs. Investing (41:07) Connect with Mindy! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-492 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ready to take your first step toward building wealth through real estate.
0:04.4	It all starts with mastering your personal finances.
0:08.0	In today's episode, we're sharing the ultimate tips to take control of your money,
0:12.4	cut through the noise, and save for your first investment property without feeling overwhelmed.
0:18.3	Whether you're starting from scratch or looking to level up your financial
0:21.5	game, we've got actionable strategies to get you closer to your dream investment. Let's turn
0:27.0	that someday into today. This is the Real Estate Rookie podcast. I'm Ashley Care, and I'm here with Tony J. Robinson.
0:39.5	And welcome to the podcast where every week, three times a week, we bring you the inspiration,
0:44.6	motivation, and stories you need to hear to kickstart your investing journey. And look,
0:48.7	Rikis, we couldn't be talking about personal finance without the personal finance expert
0:53.3	herself, Mindy Jensen. So if you guys don't know,
0:55.9	Mindy, she's the host of the Bigger Pockets Money Podcast. She's also an expert living flipper and a
1:02.0	real estate agent. And look, we were so excited to talk to her on the show today. So Mindy,
1:05.6	welcome to the Real Estate Rookie podcast. Wow, I hope I could live up to all of that hype that you just gave me, Tony. I'm so
1:11.8	honored. Thank you. I love being here. Well, Mindy, let's start off with what is the first step
1:17.8	that a rookie investor should take to get their first investment? You need money. And all those people
1:23.6	who say you can buy with no money down, you might not need any of your own money,
1:28.3	but you definitely need money and you need some sort of backup plan in case your money fails
1:33.4	or your first investment isn't quite perfect. Have you guys ever invested in a property
1:38.6	where you start like rehabbing or you get into the property? You're like, oh, something's broken
1:44.1	and it's really expensive.
1:45.5	I like to say that as soon as you buy a house, something is going to break.
	...

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