So, I figure most of you have probably rented an apartment or house at some point in your life.
Maybe you still do? If so, check it..
Renting is super easy, for the most part. You drive around looking for rental signs, or get on the internet and Google “for rent in ____” and hundreds of options pop up. You pause for a sec to consider a few things: Do I live with friends and save some money? Do I really want to carry groceries up 3 flights of stairs? Do I want to risk the person living above me being a gamer who stays up playing Fortnite until 3AM with surround sound? What’s the parking sitch? Oh, and Fido. Can I bring Fido? And most importantly.. What can I afford?
Renting is great! Dishwasher broken? Call your landlord. Air conditioning goes out in the dead of summer? Call your landlord. Water heater dies on you in the middle of a hot shower on a Monday morning? Call your landlord. It’s easy and stress free because (in most cases) you aren’t responsible for anything aside from making your rent payment on time and making sure you don’t do anything dumb enough to lose your security deposit.
However, when you rent, you are doing nothing but paying some one else’s mortgage (aka, making them wealthier) while throwing your own money down the drain. Yes, there is less responsibility, but there is also no equity.
If you are still reading this, you may want to pause here for a glass of wine or a stiff cocktail….. things are about to get real.
Let’s say, for example, that you are a 27 year old living Downtown Columbus, OH. Rent for a one bedroom apartment is $1,200 a month, and you got your first place the day after your first job offer at 22. Now, 5 years later, after a promotion or two, you are wondering what your next move is.
In the past 5 years, you have paid $72,000 in rent. SEVENTY TWO THOUSAND DOLLARS. That’s more than likely equivalent to your student loan debt. That is more than my mother’s first home back in the 80’s. You could have paid off nearly a third of a $250,000 home by now. So, why are you making your landlord wealthy instead of yourself?!
Purchasing a home isn’t as scary as you may think. Sure, the lenders need all of your personal information, and it may even feel like your first born child. But, they also want to ensure you aren’t eating ramen noodles for the rest of your life, and/or ever renting again, so let them do their dang job! No one wants to see another housing recession like 2007 – yes, I know, you probably couldn’t even drive when that happened.
Y’all. I want to see you build wealth. I want to see you debt free. I want to see your Facebook photos in Greece, and Australia, and sippin’ cocktails on the beach just because you can. I want to see you retire at 55 and have a passive income to live the life you want to live; not living paycheck to paycheck because you borrowed money to get a degree to make money to pay that loan back. News flash…
Have you heard that 90% of millionaires & billionaires made their money in Real Estate…
Purchasing Real Estate can not only change your life, but it can change your future, your children’s future, and your whole damn family tree.
If you’re interested in learning more, let’s set up a free, no obligation consultation, to take a look at your options. Call/text me at 614-795-8822, email me at laurenlucas@kw.com, or schedule an appointment here.
We are one day away from 2020. What are your financial goals? Let’s work together to make them reality!
