HOW I BOUGHT MY FIRST INVESTMENT PROPERTY (+ HOW YOU CAN, TOO)
If you’ve ever dreamed of owning real estate but told yourself it’s too far off, too complicated, or just not for someone like you, I am here to say that it is possible for you.
It was 2021, I was in-between staying with my parents and paying for an apartment in Los Angeles during COVID, and my mom says to me, “Interest rates are at an all-time low right now, you should think about buying a house!”
How in the world was I going to buy a house?! And what does an interest rate even mean? I was clueless.
And 6 months later, I bought my first home, and that single home has allowed me to purchase more investments than I ever thought I could do in just a few years.
(THE DAY BEFORE MY FIRST TENANT MOVED IN - 2023!)
It will require patience and sacrifice, but it is possible.
This is what saving for an investment property looked like for me, and a few ideas for how you can start creating your own plan to get there, even if it feels far away right now.
1. I Moved Home (Even When It Was Hard)
Doing any big thing, like buying a home or investment property, requires immense sacrifice.
Moving home, especially as an adult, is a part of that sacrifice and was the saving grace that allowed me to save and afford to buy a home. During COVID, I flew from Washington back to my apartment in Los Angeles, packed my things up, and drove them back to my parents' house, leaving a big city for somewhere that would allow me to build wealth.
When I looked at my finances, my goals, and what it would actually take to invest in property, I knew I had to make a temporary sacrifice for a long-term reward. Living at home helped me:
Cut down expenses dramatically
Focus on saving instead of spending
Get clear on what I really wanted out of that season
Maybe you can’t move home, but you can look to find ways to cut down your housing costs (like finding a roommate or two) that will allow you to have the ability to save a chunk of money each month.
2. I Saved Like It Was My Job
I got serious about my money. I tracked every dollar, I stopped buying clothes and taking spontaneous trips, I created a budget, stuck to it, and started moving money toward my future instead of just my weekend.
I reminded myself: “The goal isn’t to just make money. The goal is to buy freedom with it.”
Much of our spending is on luxuries, like lattes or dinners out, but some of these luxuries can be eliminated.
3. I Started a Side Hustle
I didn’t just cut back; I also looked for ways to increase my income. I worked a full-time job at a PR agency while also studying to get my real estate license to ensure that I could make some extra money on the side.
We live in a unique time of life, with the world at our fingertips. It’s never been easier to make extra money, and for most people, especially those who can’t cut costs anymore than they already are, starting a side hustle is the key to saving enough money for a down payment.
4. I Got Obsessed with Learning
I read books (Rich Dad Poor Dad and Money Honey were my go-to’s), found a mentor who could help me figure out what I needed to do (thanks, mama!), followed investors online, and asked questions even when I felt stupid asking basic things (like wondering what an interest rate was). .
Knowledge builds clarity, and clarity builds confidence. You don’t need to know everything to get started, you just need to start learning.
Owning your first property is possible. It’s not just for “wealthy” people, it’s for you if you’re willing to think and make sacrifices for the long term. You might have to do things that don’t feel glamorous, but you’ll look back one day and realize it was worth it.
So start today:
Find ways to cut down and make sacrifices.
Make a money plan.
Learn something new.
Explore creative ways to earn more.
Get around people who’ve done it.
You don’t have to get there overnight, you just have to keep moving forward.
x, LG Curry