{"id":14832,"date":"2021-11-03T15:00:00","date_gmt":"2021-11-03T19:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=14832"},"modified":"2021-11-03T15:01:34","modified_gmt":"2021-11-03T19:01:34","slug":"how-to-save-for-your-first-investment-property-as-a-renter","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/how-to-save-for-your-first-investment-property-as-a-renter\/","title":{"rendered":"How to Save for Your First Investment Property as a Renter"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Are you wondering how you can get started in real estate? If you\u2019ve never owned a home before, investing in property can seem like a daunting task. Buying in expensive areas, like <a href=\"https:\/\/www.renthop.com\/apartments-for-rent\/new-york-ny\">New York City<\/a>, makes the process even more intimidating. But, by breaking up the process into actionable steps, you\u2019ll be on your way to being a landlord. The first thing you want to do is take control of your finances. This includes setting a savings goal, consolidating student loans, and reducing your monthly expenses. There are some tips to help you purchase your first investment property if you&#8217;re currently renting an apartment.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Categorize Finances Using The 50\/30\/20 Rule<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The first step in saving up for anything is to take an honest look at your finances. A few questions you want to consider are:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>How much money is coming every month?<\/li>\r\n<li>How much of that money is going out?<\/li>\r\n<li>Where can you cut back on spending in order to reach your savings goal?<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If you don\u2019t have a hefty amount of savings piled up, you\u2019re not alone. 56% of Americans have $5,000 or less in savings. However, if you\u2019re serious about <a href=\"https:\/\/www.realtyhop.com\/for-sale\/new-york-ny\">owning an investment property<\/a>, you\u2019re going to have to make some adjustments. The 50\/30\/20 rule is a great tool for looking at how much you can afford to put away each month. Here\u2019s how to use it:<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">1. Take your total monthly income and allocate 50% to mandatory\/fixed expenses. This should include your <a href=\"https:\/\/www.renthop.com\/apartments-for-rent\/new-york-ny\">rent<\/a>, groceries, phone bill, student loan payments, car payments, and any other expenses you deem absolutely necessary.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">2. Next, allocate 30% of your income to spending. This includes anything you enjoy doing for leisure, including travel, shopping, dining out, gym memberships etc.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">3. The remaining 20% should go directly to your savings account. Don\u2019t trust your willpower. Automate your saving instead. Saving up for a home will prove to be a challenge to anyone who does not exercise self-control. It will most likely take months for you to be in the financial position to purchase, maintain, and manage your first property. This is why it\u2019s important to have systems in place that override your desire to spend when saving for a home.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Once you\u2019ve established a consistent income stream month-to-month, automate your savings. Keep them in a separate account if possible. Avoid touching that account until you\u2019ve reached your target goal. It may take some time, but it will be well worth the wait.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Make a Long-Term Plan to Pay Down Personal Debt<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">One of the biggest barriers to homeownership is high amounts of debt. Between student loans, credit cards, car notes, and other monthly expenses, aspiring property owners have a lot to tackle. If you want to increase your chances of getting approved for a mortgage loan, you want to keep your debt-to-income ratio below 36%. Anything above this and lenders consider you high-risk.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Take inventory of all your debts and come up with a realistic plan to pay them down. See where it is you can consolidate and lower interest rates. Negotiate lower balances by offering lump sum payments. Every step you take towards lowering your debt is a step closer to homeownership.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">You also may want to consider how you can increase your monthly income, whether it be asking for a raise at your current job, switching jobs, or starting a side hustle.<\/p>\r\n\r\n\r\n\r\n<div style=\"width: 100%; height: auto; background-color: #e7edf7; border-radius: 4px; margin: 40px auto 40px auto; text-align: left; padding: 24px 20px 4px 20px;\">Learn more:\r\n<ul>\r\n<li><a href=\"https:\/\/www.renthop.com\/blog\/how-to-improve-your-credit-score\/\">How to Improve Your Credit Score<\/a><\/li>\r\n<li><a href=\"https:\/\/www.renthop.com\/blog\/how-to-save-money-on-moving-2\/\">How to Save Money on Moving<\/a><\/li>\r\n<li><a href=\"https:\/\/www.renthop.com\/blog\/what-is-a-townhouse\/\">What is a Townhouse?<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<h2 class=\"wp-block-heading\">Secure a Large Down Payment or House-Hack with an FHA Loan<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Down payments for investment properties are typically 20%-25% of the total property value. For a first-time investor, this percentage can be a bit overwhelming. Luckily, there\u2019s a way around having to pay such a large amount of money upfront. The <a href=\"https:\/\/www.realtyhop.com\/mortgage-center\/what-is-a-conventional-loan\/\">FHA Loan Program<\/a> backed by HUD, offers an alternative solution. If you\u2019re open to living in your investment property, while renting out the remaining floors, you should consider applying for an FHA loan. FHA mortgages allow for down payments as low as 3.5% on properties with 1-4 units. This program is also helpful for those with poor or no credit history as well as low-income families.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Factor in Operating Expenses and Unexpected Costs<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Purchasing your investment property is just the beginning. After you sign that contract, it\u2019s your responsibility to maintain your property day in and day out. Once you\u2019ve reached your savings goal for a down payment, you want to make sure you have enough in the bank for <a href=\"https:\/\/www.realtyhop.com\/blog\/youve-invested-in-a-property-now-what\/\">operating expenses and unexpected costs<\/a>.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Operating expenses are payments you\u2019ll have to make on a regular basis to maintain your property. They include <a href=\"https:\/\/www.realtyhop.com\/blog\/nyc-property-taxes\/\">property taxes<\/a>, utilities, and landscaping, to name a few. Unexpected expenses are payments you\u2019ll have to make when something goes wrong, such as the roof caving in after a tropical storm or pipes bursting in the winter.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Operating expenses can be anywhere between 35% and 80% of your <a href=\"https:\/\/www.realtyhop.com\/blog\/a-guide-to-rental-income-and-expenses\/\">rental income<\/a>. You should set aside 20-30% of your rental income each month for unexpected repairs. It\u2019s important to be able to cover these expenses even when your property is vacant. This is typically the case in the first couple of months after purchasing since it takes time to find tenants.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Avoid Purchasing a Fixer-Upper<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If you\u2019re struggling to come up with a sizeable down payment or still have a considerable amount of debt, it can be tempting to purchase a cheaper property to secure a smaller mortgage payment. Resist the urge to buy a fixer-upper! Homes that are priced well below market value are usually in need of extensive renovations. First-time investors need to be careful of underestimating how much money and physical labor is required to turn a fixer-upper into a livable home. Unless you have connections to contractors who do quality work at reasonable rates, you should hold off until you find a property that requires little to no renovations.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">If you happen to be skilled at large-scale home improvements, maybe buying a fixer-upper is a viable option for you. However, make sure you take into account the time it\u2019ll take you to complete these renovations and factor that into your costs.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Assess if You\u2019re Ready to Be a Landlord<\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Lastly, but perhaps most importantly, you need to assess if you\u2019re ready to be a landlord. This is not meant to discourage you! However, it\u2019s important to consider your lifestyle and skill sets to see if owning a home and being a landlord are a good match for you at the moment. Real estate provides a solid path toward passive income, financial freedom, and even generational wealth. It\u2019s no wonder why so many people are interested in acquiring property. But it\u2019s important to keep in mind all of the responsibilities that come with being a landlord. Ultimately, anything that goes wrong with your property needs to be handled by you.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.realtyhop.com\/blog\/the-pros-and-cons-of-multi-family-property-ownership\/\">Hiring a property manager or regularly contracting labor<\/a> can take some of the pressure off your shoulders, but it\u2019ll come at the expense of your profits. Make sure you\u2019re not just in the financial position to take care of a home but also mentally equipped to deal with the full-time demands of being a property owner.<\/p>\r\n<p><em>Editor&#8217;s Note: We updated this article to enhance readability.\u00a0<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Are you wondering how you can get started in real estate? If you\u2019ve never owned a home before, investing in property can seem like a daunting task. Buying in expensive areas, like New York City, makes the process even more intimidating. But, by breaking up the process into actionable steps, you\u2019ll be on your way [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":14834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"no","footnotes":""},"categories":[439],"tags":[],"class_list":["post-14832","post","type-post","status-publish","format-standard","has-post-thumbnail","category-how-to-guides"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Save for Your First Investment Property as a Renter - Real Estate Topics, Tips, and Guides<\/title>\n<meta name=\"description\" content=\"Renters with a lease may find it hard to take the next step toward purchasing their first investment property. 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However, there are some tips!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.renthop.com\/blog\/how-to-save-for-your-first-investment-property-as-a-renter\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Topics, Tips, and Guides\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/renthopapartments\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-03T19:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-03T19:01:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.renthop.com\/blog\/wp-content\/uploads\/2021\/10\/tierra-mallorca-rgJ1J8SDEAY-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1922\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Faye Chou\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@renthop\" \/>\n<meta name=\"twitter:site\" content=\"@renthop\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Faye Chou\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/\"},\"author\":{\"name\":\"Faye Chou\",\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/#\\\/schema\\\/person\\\/e45fc7f8b860bac994585186fbfa7690\"},\"headline\":\"How to Save for Your First Investment Property as a Renter\",\"datePublished\":\"2021-11-03T19:00:00+00:00\",\"dateModified\":\"2021-11-03T19:01:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/\"},\"wordCount\":1234,\"publisher\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/tierra-mallorca-rgJ1J8SDEAY-unsplash-scaled.jpg\",\"articleSection\":[\"How to Guides\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/\",\"url\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/\",\"name\":\"How to Save for Your First Investment Property as a Renter - Real Estate Topics, Tips, and Guides\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/how-to-save-for-your-first-investment-property-as-a-renter\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.renthop.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/tierra-mallorca-rgJ1J8SDEAY-unsplash-scaled.jpg\",\"datePublished\":\"2021-11-03T19:00:00+00:00\",\"dateModified\":\"2021-11-03T19:01:34+00:00\",\"description\":\"Renters with a lease may find it hard to take the next step toward purchasing their first investment property. 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