Tag Archive | “house hunting”

Should I buy? Or Should I rent?

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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.

rent_or_buy

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.

buyhome

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.

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December 2010
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