The first thing I want to emphasize is that this isn’t an emergency post. My life nor wellbeing are contingent on how much money I receive. This post is a request to assist me with a personal project I’ve been working on for the past year.
Long story short, I’ve been in and out of homeless shelters during my late high school and mid-college years. My mom had a bad relationship with money and I wasn’t equipped back then to shoulder that responsibility, which led to frequent evictions. I stepped up and lived paycheck to paycheck to make ends meet. I battled my own streak of negativity involving money until I made a decision to do whatever I can to become financially free.
I now share an apartment with my mom and sister. The amount of rent required in NYC is ridiculous and we all agreed that the money would be better off invested in owning property. Unfortunately, we can’t agree on how to go about it and I reached the point where I have to make my own move. My strategy is to purchase a studio or 1 Bedroom Condo by February of next year. That’s when the lease ends.
I currently have 5K in my savings account. I work for a non-profit and have automatic withdrawals of $800 going into that savings account every month, so I estimate to have approximately 10K with whatever dividends I make from the 2.5 interest rate by the end of the year. It took me a while to figure out this was the best way to save money, I only wish I learned this earlier but better late than never.
Based on the prices I’ve seen for even some of the cheapest condos, I can see that I may need a bit more than 10K by the end of the year. Thankfully my credit card is very good so I feel confident about getting a low interest for the FHA loan. Worst case scenario a $250K Condo would be a 5% downpayment of approximately $12,500 and even a better 3.5% would be about $8,750. I still have to account for moving costs, furniture, closing cost, etc.
But to reiterate, as much help as I need, it’s not as dire as some of the other posts are. I’m going to do whatever I can to get that additional income as a cushion before this year ends. So to keep it simple, the following.
Am I likely to fail if I don’t get assistance? No. I’ll still find a way.
Would I appreciate the assistance? Absolutely!!!!!
Feel free to Private Message me if you have any questions, concerns, or advice.