How an Aurora Loan Can Help a Poor Writer
Take it from me, a 20-something with a wife and a little daughter soon to be born, you can’t live on a writer’s wages alone. In this day of ultra-competitive, show-me-the-results-or-else socio-economic wind sprints, the talents of skilled writers usually don’t find their way onto anyone’s pedestal and, subsequently, payroll. As a result, many talented writers end up in jobs for which they are ill-suited and prone to loathe. Let us not explore that particular topic, however.
Own Rather Than Be Owned
Those like me, allergic to the corporate ladder, can make a comfortable living without subjecting themselves to the tyranny of 8 to 5 and the attendant politics involved in corporate survival. With a little start-up funding and some long-term thinking, anyone can become a landlord. The merits of owning rental properties abound, especially when an individual is relatively young.
Start small. Invest in a duplex or four-plex in an area that has a consistent but not hyper population influx. Aurora, Colorado is a good example of a community with consistent growth and property appreciation. Let’s paint a conservative picture and say you’ve picked out a nice duplex. You contact an Aurora loan company, take out a mortgage and buy the property outright. Now, you not only have a place to live similar to renting, but you own the place, and the tenant in the other unit helps you pay the mortgage every month.
This scenario gets even sweeter with a four-plex. You can live in one of the apartments and potentially pay the entire mortgage on your tenants’ rent payments without putting any money down yourself. Let’s stick to the duplex for now, though.
Living the Way You Want
At this point, you’ve got a situation that looks somewhat similar to your pre-ownership days, only you’re building up equity and you don’t have a security deposit sitting in someone else’s bank account accruing interest for them until your kid accidentally punches a hole in the wall with his tee-ball bat. You also have a balance on that Aurora loan that is slowly decreasing while you take on any job that makes you happy. After a year or two of this, you’ll start to get ahead of the game financially. Eventually, you may even decide to sell your duplex (if you hold it for a few years, it will probably have appreciated in value) and upgrade to a four-plex.
Long-term thinking is obviously a must, since you’ll still have to hold a job to bring in a full income. On the other hand, you’ll be building towards outright financial independence, which brings us back to our goal: doing whatever you want with your time and skills. Having a supplemental income from your other tenant will also give you a lot of freedom in finding a job you actually like without being obligated to take the highest paying job to make ends meet. Who knows, with the supplemental income from your property, maybe you can make enough money doing what you love—writing.
Get Educated
That all sounded pretty easy, right? Well, there’s a little more to it than that. You need to get the facts about loans, credit, interest so you can make sound decisions up front and as you go along. Remember that Aurora loan? If your credit rating stinks, your ability to cover the mortgage with your tenants’ rent will be severely hampered. You’ll also want to weigh your options with regard to the term of the loan. If you can manage it, a shorter-term loan means you pay less interest overall, but monthly payments are much larger. How much less interest and how much larger payments? Let’s say on a $200,000 loan, you get a 6.5% interest rate. If you don’t pay more than your monthly payment requires, you’ll pay about $50,000 less for every five years you knock off the term while incurring about $100 extra on your monthly payment. Something to think about…
An Aurora loan, or loan in any other similar market, can put you on the path to financial freedom and, perhaps more importantly, freedom to live how you want to live and do what you want to do.
Josh Summerhays is a Web Content Specialist for 10x Marketing and big fan of making money. For an Aurora loan, or loan anywhere in Colorado, Utah, or Wyoming, contact the experts at www.lucidiagroup.com.
Tags: merits, money down, corporate ladder, landlord, duplex, loan company, security deposit, property appreciation, pedestal, rental properties, tyranny, consistent growth