Kalu Aja

Kalu Aja



If you Japa. This is your target in 3 years, No pressure Yr 1; get a job, pay taxes, pay rent, get & maintain a credit card, establish credit. A job establishes "paper trail". Rent and Credit card shows credit reliability. Even if you have cash, get a secured credit card

Yr 2. Get another type of credit eg , buy a car, with a loan. Again, if you can pay 80% down, borrow the 20%. Get your credit score to 700 minimum. Don't co sign any loan for anyone, don't get more than 2 credit cards, keep credit card balance at 30%. Save money in your 401k

Yr 3. Now you have 2 years tax return, you have plus 700 credit score. You have 2 different types of loans Credit Card and Auto. Don't apply for anything else Go & apply for first time home buyers loan. Try & pay at least 20% down & avoid paying Primary Mortgage Insurance PMI

Don't worry about your dream house yet If you buy an apartment or small 2 bedroom, is your mortgage less than your rent? That's your test. Remember, location, location, location Buy home. You must show you have earning to buy, you can't borrow from mum in "Africa"

Once you buy home, In a location that is rentable, at a mortgage that is less or equal to your rent, then start saving again for 20% down payment. Give yourself another 3 years (no pressure), save up 20% down. Then look for your home in good school district. (Why else?)

Get a good agent, get tenant lined up. Bank will accept rental on your 1st home as income Don't sell if you can, rent out first home, pay 20% down, move to new home inthe good school district Even if rent pays your 1st mortgage only, it's okay; your balance sheet is growing

Remember, your first loan is 30years Fixed, so you pay mortgage for 30years same amount, but the rent you are earning, you can increase. That's the hack. You pay mortgage on 2 homes but they are fixed payments, yet you can increase rent on your owned 1st home.

This is not for you to become a real mogul. It's just a pathway. Owning and renting a home is work, tenants, toilets and tempers. However it's easy 5% APY annually. (DIY) The goal is to have a mortgage less than your rent, with sufficient "margin of error" Then duplicate.

When your kids leave home, move again. Go buy your condo with 2 bedrooms and nice view, give your two homes to an Estate Agent to manage. Yes it's still on mortgage but its now 20 yrs. Mortgage $1,500 (no inflation) Rent earned $4,000 (inflation) Retire & watch US Open

When they ask you how? Tell them....na God ooo

This is for the US market. May work for Canada and Europe as well

Remember you can pay taxes in the US without formal immigration papers. So pay taxes, at least file a tax return. You can also open a bank account with a tax ID if you don't have an SSN tick the boxes.

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