Why the First Property in Your Purse Should Be an Investment Property

Sis, did you hear that? What. A. NUGGET! My purse has never screamed so load! Especially at a time that is just… well, right on time. This episode of Money Monday's with Shani Curry-St. Vil, she takes a moment to interview Claudienne Hibbert of the Hibbert Group about home buying and investing in Real Estate.

How many of us have actually dreamed of purchasing our first home and actually living in it? Well what if I told you, you got it W-R-O-N-G! HA! Can you believe that? What we've been conditioned to believe is that "America Dream" of going to school, getting a job and purchasing our first home. Well sweetie, we were off!

Let's get into it.

There was a wealth of knowledge in this episode y'all. I want to share with you my top three golden nuggets that will change your life.

First things FIRST…

1. Be prepared financially. Period.

Jah, Jah, Jah… I know you've heard it all before.. But, Sis! You should always be prepared for not only what life has to offer, such as saving 6-12 months worth of your monthly expenses, but wise spending. We are in the middle of a global pandemic. If you received a stimulus check, what did you do with your funds? Did you save? Did you pay down debt? Or did you "wishful spend". Are you bringing in that additional income while you are minimizing that debt? What about your credit score? 680, 700 or are you lower than that? If not, get it together! Your credit score is an investment and there is still time to get it right. Maximize your potential income and that might mean you need to gone on have a seat… several! Take ya' hands off the phone, get out cha' pocket, put the card down and HAVE (clap). A (clap). SEAT (clap)! You need to get in the game, financially, and get prepared. "Get it right, Get it tight" doesn't just refer to your body good, Sis (insert winking emoji)… I'm talking about your Purse!

2. Leverage with yo' peeps!

Thinking about investing? Collaborate, Sis! Leverage with your friends and pull together your funds. Form an investment group. If you can't do any of this… well… hmm.. It might be time to REORGANIZE! When we think about reorganization, typically your friends aren't the first thoughts, right?! Well it might be time for you to start thinking about how your friends can essentially add value to your life, literally. Now does this mean you need to start cutting people off here, there and everywhere? Naw, not quite, but do what you must (LOL). No - but in all seriousness, think about the value that can be added to your life and your friends' lives when you think about your friendship from an investment standpoint. Everyone wins!

3. The first property that you purchase should be an investment property, sis!

Buying a house is PURE DEBT! Keep that in mind. You are purchasing an asset that is a debt (insert mind-blown emoji). Sis said, and hear me good, "Buy your investment property first to leverage your income"! Whew, say what?! Now, I know we all have thought about that, right? Not! Let's be honest. We galivant around thinking that we are putting in all this work to first buy and live in our very first home. That we're 'supposed to' live in the first house that we purchase and that First Time Home Buyers programs "say" that we MUST live in the home under a particular set of circumstances.

Did you know that anything below four units is considered residential in the banks eyes?? Shoot, new to me too! This may come with a few differences from city to city but how much better would it be to purchase your home and have someone else pay the mortgage? Lit, right!? It is SO much better to bring in some additional income and pay off some debt than to tie up your current earning to pay that same debt.

But you MUST KNOW, none of this can happen if you are not FIRST prepared! So, my Sisters (and Brothers) I urge you to take a moment and evaluate your financial self, your friends, the way you look at the American Dream AND ESPECIALLY your Purse!

XOXO…

Saisha