With interest rates on the rise, requests for mortgage loans are falling, and it appears that the superheated housing market might finally be starting to cool. If you’ve been putting off buying a home, but you’re saving for a down payment so you’ll be ready when the moment is right, your enemy is no longer too few houses and too many buyers — it’s inflation, which nibbles away at your savings with the release of every new CPI report.
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The good news is that there are strategies to help you save money for a house or any other big purchase even as bruising inflation continues to put your dollars on a diet.
Invest In Real Estate While You’re Saving for Real Estate of Your Own
Brian Davis, a real estate investor and founder of SparkRental, is always on the lookout for passive income that doesn’t tie up his money in long-term investments — just as someone saving for a down payment in times of high inflation should be doing.
He recently discovered Concreit, which stands out from the already crowded and ever-growing pool of real estate crowdfunding sites. First of all, there’s no minimum investment requirement and every single dollar you put in is backed with real estate — but if you’ll need your cash in the near term, Concreit’s biggest selling point is the relative liquidity that the platform offers.
“There’s no penalty against your investment principal for early withdrawal,” said Davis. “Although if you withdraw funds within the first year, they do ding your dividend payment by 20%.”
He’s referring to the impressive 5.5% dividend that Concreit pays, which beats all but a handful of stocks on the S&P 500, and is many, many times higher…
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