"Sign here and here," the notary public said to me after we reviewed yet another page of loan information. It was August, a month before my 21st birthday, and after signing the final page, I handed over a check that wiped out my bank account.
Three days later, I received the keys to my first house.
I feel like half my life I've been preparing to be a homeowner. Because I have.
I was eight when my family emigrated from El Salvador and our first financial obligation in the U.S. was to pay off the coyote who took us across the border. My dad set a goal -- he would pay the debt in two years, then buy a house. In a year and a half, we were living in our new home in the East Bay.
Purchasing that home was the beginning of my dad’s “school of real estate” -- and I was already enrolled. I remember sitting with Dad as he talked to the real estate broker. "Make sure you understand what this man is saying," Dad said.
Then, when I was 15 and eager to spend the money I was making at my first job, Dad sat me down. He told me if I saved 50 percent of my paycheck, I’d have enough money before long to buy a house.
So I started working three jobs, living off my part-time wages and saving the entire paycheck from my full-time job. I also researched federal loans that target first-time homebuyers.
The biggest hurdle was proving to the banks that, despite my age, I had the savings and job security to pay a mortgage. And Dad was right – I did have enough.
I’ve been living in my house for two months now, and every time I come home I can’t help thinking “Man, this is mine!” Of course, when so many people are losing jobs, I think about how I would pay the mortgage if I lost one of mine. But my Dad has taught me how to make financial plans and has shared his experience navigating the world of credit and loans. “Debt is part of life,” he says – whether if it’s for a new car, a college diploma or a place to live. And my house is worth every penny I owe.
Previously:
Owning a house at such a young age...you are awesome
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