π΄ββ οΈπ How I Bought My First Home... for FREE
Hey Pirate π΄ββ οΈ
π I recently shared a video titled βI Bought My First Homeβ¦ for FREE,β but as you know, itβs not possible to buy a home for free. But while the title was a bit of clickbait, itβs not entirely false either. Let me explain. π€
ποΈοΈ You can check out the video if you want to learn more, but hereβs a brief summary:
π‘ In late 2021, my wife and I purchased an investment property.
π° The seller asked for $500,000, but we offered $560,000 to outbid other offers.
π¬ Even though we overpaid by $60,000, we still believed it was a sound investment because we projected that rental income would exceed mortgage expenses.
π Outcome: +$2600 in monthly rent -$2200 in monthly operating costs (including loan payment) = +$400 in monthly passive income.
π€ Our tenants pay the mortgage, allowing us to generate income from purchasing a home.
πββοΈ This move may surprise some of you who are familiar with my video βHow I spend my $360k software engineer incomeβ since my wife and I still rent an apartment. Thatβs right. We bought an investment home before buying our own home. You might be wondering why we made such an unconventional decision, especially when homeownership is seen as the American dream. βοΈ
π Several reasons influenced our decision, but the primary one was the book βRich Dad Poor Dad.β The author, Robert Kiyosaki, explains how and why your primary residence (i.e., your home) is not an asset because it costs money to maintain and pay the mortgage. π‘ Instead, he defines an asset as an income-generating instrument that provides positive cash flow and puts money in your pocket. πΈ His definition was a paradigm shift that pushed us away from our original goal of homeownership and towards asset investment. With low-interest rates on our side, we started looking for investment properties right away. π²
π As first-time real estate investors, we had our share of difficulties, but eventually, we found a property that generated positive cash flow. With the Federal Reserve sharply raising interest rates but our mortgage rate locked at an all-time low, was this a good investment? Absolutely. π
π I recognize that I am fortunate to have had the financial means to invest in real estate, as not everyone has this opportunity. Without my software engineering job, I probably wouldnβt have even considered investing in real estate. π» But thatβs why I encourage those who are interested in high-paying jobs to explore becoming a software engineer or finding a job in the tech industry. Although I cannot guarantee a six-figure salary, I believe acquiring tech skills is one of the fastest and easiest ways to aim for a high income. π° If youβre determined to give it a try, take advantage of my deals on Springboard and Careerist. You can get a $1,000 Discount on Springboardβs tech bootcamps and $300 OFF on Careeristβs tech job programs with my coupon code and affiliate links. π
π° In my previous newsletter, I discussed the advantages of side hustling and how it can even benefit your full-time job. I believe itβs always a good idea to have a secondary source of income to achieve financial stability. ποΈ Conversely, relying solely on your employer for financial security is risky because, well, as weβve seen from recent events, even top performers at top companies may be laid off. πͺ Diversifying your income streams can be a prudent strategy to safeguard yourself and your family in case it starts to rain.οΈ π§οΈ
β Before I wrap up, I have one more announcement to make. Starting now, I will be publishing my newsletter on my website as well. Although you will continue to receive the latest edition straight to your inbox as a subscriber, the complete newsletter archive will be publicly accessible there for those interested in past issues. ποΈ
Thatβs it for today. Thank you for reading, and Iβll see you all next week. Arrgh!
PK π
P.S.
π As an affiliate, I may earn from qualifying purchases. Using these links is the best way to support me at no cost to you! π
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π¬οΈ New Videos
ποΈ I Bought My First Homeβ¦ for FREE
π Your home is NOT an asset UNLESS it's generating a positive cash flow. Discover how I make passive income from my first home purchase! π°
βοΈ Quote of the Week
βSuccess is a poor teacher. We learn the most about ourselves when we fail, so donβt be afraid of failing. Failing is part of the process of success. You cannot have success without failure.β
