After watching her parents rent their entire lives, Latika Wesley, having a fascination with real estate, knew she wanted to buy her first home sooner rather than later.
Upon finding a lender program offering up to $20,000 in down payment and closing cost assistance, her efforts doubled, and she started educating herself as to the next steps she needed to take.
How old was Latika at the time? Only 23 years old! Latika accomplished her homeownership goal by finding a better paying job, saving money and working on her minimal credit history. But her story doesn’t stop there. She bought wisely and chose a home that cost less than she could qualify for. She has an incredible financial plan of living in this very affordable 4 bedroom, 1 ½ bath home for five years, with a roommate, and then wants to rent the entire home and buy a multi-family building, living in one unit and leasing the others. Her intent is to collect property for her future and she’s focused on building wealth. She is well on her way.
Latika’s advice to those who share her vision? When you begin your working career, start saving the 3 ½ perent to 5 percent down payment for your future purchase. Plan and be diligent with your budget. There can be great rewards for those who embrace a passion.