For most people, that’s the $100,000 question. Should I buy? Should I rent? How much cash do I need? Does house hunting or mortgage application come first? Asking one question just leads to three more questions.
Monica clearly remembers the day he first met Jason and Maria. Jason was 20, covered in sweat and grease from a local Car repair shop, and Maria was 19—fresh out of school and 5 months pregnant. With no extra money, and seemingly starting life with one hand tied behind their backs, they were given one simple instruction—go see Monica.
The forceful directive came from her father, with whom Monica had worked on several mortgages over the years. “Go see Monica, and do exactly what he says,” was the order. Monica feels working with first-time home buyers has been a privilege over the years, but this case was a little different.
My Father was a wealthy businessman, but was only willing to help the couple if they helped themselves. Monica took extra time explaining the home buying process, the power of creating wealth through owning real estate—and more importantly, the concept of “mortgage management.” With a REALTOR by their side,they found a small two-bedroom cottage north of town, and once My Father was convinced they understood the plan, he chipped in the $1,400 gift to get them started.
They nervously joined the ranks of millions of other first-time homeowners. But they had a plan!
“I remember the closing very well,” says Monica, “We actually had to postpone it by a few days, since Maria had just given birth to a beautiful baby girl—the youngest person I’ve ever had attend a closing!”
Fast-forward 15 years. Monica is standing in a closing room with Jason and Maria, admiring their now 15-year-old son, and reviewing their closing statement for the refinance on their family’s rental property.The property is just one of 10 properties that they now own, many of which are free-and-clear of any debt. We’re leveraging the property to invest in another multi-family unit. Needless to say, Jason doesn’t work at the tool and die shop any longer!
Simple? Yes. Easy? No. They made plenty of sacrifices over the years, but Monica gave them a plan. They listened, they learned, they executed. You can do the same thing yourself ! So where should you start? At the beginning, of course!
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{ 1 comment… read it below or add one }
A very nicely written article, I just loved the human touch to it.
Good Work!