Saving money for a down payment can be the first step towards your house hacking endeavor. The upfront effort of building a down payment will be well worth the reward of eliminating your housing expense.
As we mentioned in the first part of the series, you will need a $7,000 available to make a 3.5% down payment on a $200,000 property through an FHA loan. This loan strategy is a popular option for house hackers.
With that, let’s take a closer look at more ways to earn $7,000 fast!
Get your flip on
If you can spot a deal, then flipping could be a great way to save money fast. Anna Barker from Logical Dollar explains, “Flipping refers to when you resell items at a higher price than what you bought them for. It's a great way to make money quickly as you can use your profits from earlier ‘flips’ to buy higher-priced items than can, in turn, generate even more profit for you.”
You don’t need to have any funds to start your flipping journey. Barker says, “You can even start from nothing by either selling things you already own as your first few flips or by finding things in your local area that someone is giving away that you can then sell for a price on sites like eBay, Craigslist or Facebook Marketplace. While your first few sales using this strategy may not be very high, the value of these can quickly be built up as you buy then resell items that are worth more and more.”
You can quickly build your savings with this strategy. Although this will take time and a willingness to hustle, you can make $7,000 in a few months.
Build websites on the side
If you have the right skill set, you can create a sizable income by building websites.
Bobby Warren of Wooster Media Group says, “If I needed to come up with $7,000 in six months or less, I would build two WordPress sites.” He would start looking for opportunities to build websites for local businesses. If you find an outdated website, Warren recommends reaching out to set up a meeting. Depending on the amount of work that needed to be done, you could easily charge thousands of dollars to build and update a company’s website.
Of course, you’ll need to learn the basics of building a website from scratch. But Warren says that there are many free tools available. For example, WordPress is a free tool. Plus, you can learn for free. Warren says, “You can learn how to build WordPress sites on YouTube.” He recommends checking out Dave Swift of Profitable Tools for some informative videos.
Ask around for extra work
Chvai Agarwal from Mrs Daaku Studio says, “One of the most easiest ways to make an additional $7k in 6 months is to simply ask your friends, family, colleagues, local businesses, neighbours, and online friends.”
Luckily, there is no shortage of services that you can provide for your local community. You could babysit, tutor, run errands, and more. Agarwal expands, “The best way to go about this is to introduce yourself, showcase your skills, and to let people know you are available to work at a reasonable price.”
Try a gig in the service industry
“With a limited time frame, working a service industry gig such as a rideshare or meal delivery driver can offer you the flexibility you desire alongside the income you need,” says Forest McCall of Don’t Work Another Day
You can find a multitude of services that need your help. A few examples include driving for Uber and delivering groceries with Instacart. The platforms provide the opportunity to earn money on your schedule. With that, you can work around your day job to work towards your savings goal.
Offer a freelance service
Freelancing is one of the most popular side hustle opportunities. The best part about freelancing is that there is no shortage of possibilities. You’ll just need to find something that you are good at and start finding clients.
Kelan Kline from The Savvy Couple says, “Short freelance projects, graphics design, lead generation, cleaning gutters, mowing grass, etc are all legitimate side hustles that can make you money fast.” He suggests taking some time to look for high paying side hustle work that appeals to you and then dive in!
Rent out your car
If you have a car, then consider renting it out on Turo. You could decide to commute via bicycle for a few months while you rent out your car.
Davis Pere, founder of From Military to Millionaire, says, “You can easily earn a few hundred dollars (or more) and also save on gas by doing this…plus, it is healthy!”
Why not give this healthy strategy a try?
Is it possible to save $7,000 in six months or less?
At the end of the day, there are many ways for you to save $7,000. But can you accomplish this goal in six months? Yes, it is definitely possible to earn and save $7,000 for a down payment in six months.
Before you get started, it is important to recognize that this will not be a walk in the park. In fact, it will likely take a lot of hard work to meet this goal. In addition to hard work, you’ll need to stay flexible to meet this impressive savings goal in just 6 months.
As you build these savings, be open to the opportunities that come your way. You may need to use multiple strategies to save $7,000 in six months. But it will be worth the effort when you close on your house hack and eliminate your housing expense.
Let us know which strategy worked best for you in the comments!