Have you ever thought of buying your first car or living on your own but don’t have enough resources to do both? If yes, you are not alone.
It was late 2014 when I decided to buy my first physical asset. At that time, It was my first anniversary in my first job and I was expecting to receive my first 13th month pay – yippie! Since I am born a risk taker, I take accountability to every decision I make, I venture into things against all odds, and I think I am a strong independent man. Nevertheless I used my first 13th month pay to buy a property.
I was not born with silver spoon on my mouth. I am blessed and fortunate to have parents who let me stay in their house for free – yay!~ and let me devour the food inside the fridge without costing me a centavo – nom nom nom. So, I get to save most of my salary.
These are the people who helped and inspired me in my first real estate venture. They are the ones who pushed me to achieve my goal. Without them I might not be able to push through and continue with this.
- Family – When I told them that I want to buy a property, I was expecting that they would bar me from buying one thinking I was just a frosh 22-year-old boy. What I got was support from them.
- The Real Estate Agent – I met the agent When I processed the papers of my cousin’s condo unit in Mckinley. I interviewed him and discovered that he came from a well bred family and was a scholar at a prominent university. What inspired me was how he handled the supposedly tuition fee which was given to him by his parents as a graduation gift. He decided to used the money in buying a property in Mckinley and had it rented. If the old me were in his shoes I might have spent the money for something else. Now he has a rental income for two years already.
- The Financial Advisor – Of course, I consulted my first and favorite financial advisor regarding this. Her name is Elizabeth (let’s call her “Tita Beth”). Tita Beth said it is uncommon for my age to think about acquiring real estate property. I asked her if I am making the right choice because I don’t feel normal with my priorities in life. She told me I was making the right choice and approves of it.
- My former barbero who used to service Mr. Andrew Gotianun, Filinvest CEO – When I had my hair cut, we were fond of sharing stories about financial literacy. Yes! He knows the topics that I was talking about in my blog, he reads what I have already read, he knows Robert Kiyosaki, watched Peso and Sense on Youtube. One time, he told me his story when Mr Gotianun had his hair cut. He asked Mr. Gotianun if it is okay to buy a motorcycle. Mr. Gotianun replied to him that it is okay to buy a motorcycle if he has another source of income because a motorcycle is a liability. I realized then what he meant about getting a vehicle for yourself. If I’ll buy a car for myself it will be a liability but if I’ll buy a car and let others pay me for the service I offer, it will be an asset. So far, the idea of buying a car for myself is not to earn or to compensate the loss that bars me from earning more, so it’s a no no.
- Myself – Learning that when I have a car, I need to have a parking space, and to have a parking space, I need to have a house. Meaning, buying my dream car is two steps away from me.
- Bonus: this is a special case that affects my decision. So special I need to write it down in conversational format:
Mom: Kuya, sunduin mo yung patient ng kapatid mo kelangan pastahan hindi raw marunong pumunta sa Makati. Huwag mo rin kalimutan maggrocery tayo sa mamaya ihahatid mo ako sa SM Hypermarket bili tayo ng isang sakong bigas at uuwi pala pinsan mo sunduin mo sa airport balikan mo na lang ako pagkahatid mo sa kanila.
Me: Ha? May gagawin ako at traffic mamaya papunta sa airport.
Mom: Tandaan mo nakikipark yan sasakyan mo sa parking slot ko. Gusto mo ipark mo na yan sa labas ng kalsada.
Me: 🙁 *Tawagin si Roman, ipagdrive is mamita*
So I bought my first real estate, now whut?