Why did i buy a Condo at 25?
I sell condominiums for a living. A year ago I decided to buy my own, it’s worth millions, I don’t earn as much and in reality I cannot afford it, but why did I?
First, while I’m single I want to learn how to provide or earn chunks of cash in the most crucial times, I admire my young early parent friends who’s providing quality life to their family and also those friends who had emergency financial difficulties, I admire how they can just provide on time when their family is in need. I admire them so much that I want to be as extremely responsible as them.
So what I did was to treat that investment as my own baby. OB check-ups and Giving birth is like paying the down-payment or balloon payment, prior to that you have to be as prepared as you can because you have no idea how much your medical bill will be and you cannot delay paying that, so a lot of cash is really required then while having a baby to feed is like paying your monthly amortization which you cannot afford to delay as well. Having something to pay every month and a balloon payment every end of the year, makes you ask yourself how I will be able to pay it off all the time.
Second, unlike cars, smartphones, fancy merchandise, clubbing, womanizing, expensive vices and other things we can buy to make us look cool and rich, Real estate is bad ass it doesn’t lose value and go out of trend because it’s a necessity especially that Philippines is a growing economy it will grow with it and as it grows and appreciate over time, the value of money I bank in evades inflation and will earn, it may not look flashy, but this investment provide a sense of humility to live simply and to live within means.
Third, I’m lazy as AF, this specific condo is in Makati the Central Business District that grows as the economy does, so if I acquire it and rent it out, it will provide me passive income, an income you get with minimal effort, or if I loan my payment in the bank, my tenant can pay for my investment instead so it will self-liquidate. I sell condominiums for a living so I also know the basics, but depending on your need the #1 rule is in choosing the most profitable location possible. It will become a reliable asset that can be a stepping stone for financial freedom.
Lastly, a sense of pride, we shed sweat and tears out in the field just to sell, it’s a peculiar feeling knowing that I can somehow afford what I was selling, I can tell myself that I made it so far and become an investor as well, be my own client, I can also share this decision with my clients because I strongly believe that a great salesman must really know what they are selling and there’s no other way to know but to own what you sell.
Along the way it seems I didn’t learn anything different, any grand way or a certain technique to earn money, I just did my job fairly and become obsessed with earning more than before, I got to give back more too. In the end, I realized that in difficult times, God will provide.
By the way, this condominium’s key is not yet in my hand since it is still under construction, my baby is still on its way 3 years from now. So I will continue learning how to provide for her, I don’t earn much, I live simply, I earn less than most of 20 something do. So If I can, you can too, there is nothing we cannot achieve if we try.
