We all know money doesn't grow on trees, but it can fly away as quickly as leaves in the fall. One of the most common questions I receive is "How much money do I need to invest?" and "Where do I find the money to invest?"

There's not necessarily an easy answer, and depending on where you're located and where you choose to invest, the amount of money you will need will vary.

But, I will share that the average purchase price for my properties is around $80,000, requiring around $20,000 at closing. That's $16,000 for the downpayment and $4,000 for the closing costs. I've been able to use private money loans (other people's money OPM) for the rehab and have also opened a couple business credit cards to cover additional expenses and materials.

Money Matters

There are investors and "gurus" out there that will say you don't need any money to get started in real estate. And though that might be true, I've found that it certainly helps to have some seed money available. You may have some you didn't even realize.

No, I don't mean loose change under couch cushions, though every penny helps. I mean buying power! Have you done a deep dive into your finances?

Just recently, I was checking my credit card statement and realized both my husband and I have Amazon Prime accounts. We're both paying a monthly subscription and both get hit each year with the annual fees. We only ever use my account, so his was just giving away money for no reason.

I also found that I was still signed up at the local gym, which I hadn't used in ages. It's auto-debited from my credit card, and I just hadn't noticed. Eeeeeeks! Not only have I not been working out, but I've been giving away $60 each month.

Here are some quick tips that have worked for me to find money and increase your buying power:

1. Scrub those credit card and bank statements - cancel any subscriptions you don't need and don't use. I literally found $100 a month in unused subscriptions.
2. End of Year Blowout! Clean out your closets, drawers, and garage and start selling. eBay, Facebook Marketplace, Upsell, etc. If you haven't use it in a while and it's no longer serving you, let it serve you some dollars.
3. Open a High Yield Savings Account (HYSA) and schedule automatic deposit. You just found some subscription money and yard sale money!! Check out Sofi and Synchrony.
4. For any credit cards with high balances (anything over 30% of the limit), call and ask for a reduced rate, even temporarily. This will give you a chance to knock out as much principal as possible while your rate is low.
5. Check out any savings, stocks, or investment accounts you may have. 401K accounts generally have an option to take a loan and pay the interest back into your account.
6. Look for freelance opportunities - Are you great at math? Can you tutor? Do you like sports? Can you referee at the park district? How can you earn some extra cash?
7. Do you have trusted friends or family that might be interested in investing as well? Can you pool your monies together?

Your Credit Score is one of your greatest assets. I know what Dave Ramsey says, and yes, it's great to be completely debt free. However, in the world of real estate, whether purchasing your first home or refinancing your 10th rental, having a great credit score really helps grease the wheels.

To be clear, I'm not a financial planner or certified credit counselor, but these are tips I've picked up over the years that have helped me increase my credit score to 800+.

And, if you're anything like me, you love a list and a visual representation of your progress! So, TRACK YOUR SUCCESS. Click the link for a handy little tracker that you can customize for yourself.

It's not always easy, but it is absolutely possible. I have been there and done that when it comes to financial slip ups including Bankruptcy and Foreclosure. I've paid off my debt and then let it balloon multiple times. I know that you can turn it around. Set your goals, be consistent, and keep your eye on that prize. You're on your way!

Don't forget:

• Anything is possible
• Faith without Works is Dead
• Life happens FOR You, not TO you

You got this! Keep WINning!