Andre C. Hatchett: $15.15 An Hour As a Teachers Aide. No Degree. Homeowner at 22 years-old. Here’s The How & The Why!
Let’s start off with the why. Our Late teens and early twenties are suppose to be the fun and wild years. Not for me. Accumulation of assets, not working for whitey and Pride was at the top of my list. Internal pride. It was bad enough that I was working for white racist animals. But for me to turn around and give them rent money would have driven me into a state of mental slavery. So, with my Fathers advise. Aka demanding and drilling that when I move out, I MUST move into a home that I own. I began planning. At 19 I made it a TOP priority to become a homeowner. I wasn’t sure which kind of home I was going to buy. Multi family, Condo, Apartment building . In or out of State. But that didn’t make a difference in the early process. Here’s what did.
1. I Kept My Credit In Perfect Shape:
Your FICO score can be your best friend or worse enemy. The choice is yours. Every time you swipe a credit card you’re making a big choice. Here’s a tip, if you keep your credit card balance under half of your available credit limit your credit score will increase a lot! Ex. Your credit limit is $3,000. If you carry a balance of $1,500 or less you’re in great shape.
2. I Had No Social Life:
Making only $15.15 as a Teachers Aide I couldn’t afford to socialize . It was either save or party. I didn’t even really date. I knew watching a movie in my OWN home with a Queen, would be way cooler then brining her to parents apartment or a movie theater. So I stayed in. And did read a lot of books about Real Estate and Entrepreneurship. This was an essential step too me maintaing my mental focus.
To help manage my saving and spending, I wrote down EVERY dollar and cents I spent for two years. Yep, two years. Ex. I went to the store to buy gum for .25 cents. It will go on my list of money spend. I ordered lunch for $9.50 I wrote it down. I also wouldn’t spend more then 30% of my daily earnings. If I made $100.00 a day. I wouldn’t spend more $30.00. I did treat myself once every two weeks . I usually had a nice dinner or went for a massage. But that was it.
4. I Did Not Finance A Car:
Actually, for a period of time I didn’t even have a car. Why? I couldn’t afford both. And I needed to acquire assets before I bought a liabilities. So the bus was my best friend. You might have to do the same in order to achieve the same. It’s worth it!
5. I Knew My Path:
I knew I wasn’t going to advance through the corporate ranks like many of peers. But I knew I was going to advance. This made my decision become a homeowner even more of a need. If you’re smart you have ambitious friend. This brings about what my crew calls healthy competition. The desire to not be out based by your boys. This is very different from hating on your peers. We’re actually very supportive. But we use each others progress as a way to push ourselves.
6. Kings Lie. Queens Lie. Mortgage Statements Don’t!
My payments are less then I would be paying if I rented. Yes! It’s cheaper for myself and many others to own then it is to rent. Also, when I get married I’m going to rent out my home and collect rental income from my tenants! The rent will cover my monthly payments and I will able to pocket around $400 a month.
Bands make her? Maybe. But assets gain you respect, pride and power!
If you’re looking to acquire or sell a home in New York City or are in need of a Real Estate consultant. Please email me at Andre@HarlemLofts.com