Wealth means different things to different people but for everyone it usually means a happy and stable life with fulfilling meaning. This particular condo was the start of that 8 years ago for a family struggling in a market where interest rates were okay but demand was even higher.

In 2015, the Palm Springs area real estate market was hot like it usually is and for a young family just starting out with a small budget and FHA loan, it was seeming impossible they’d achieve their dream of homeownership. They were sick of renting and dealing with awful landlords and small places they couldn’t make their own or fix to keep operating properly. Enough was enough. The problem is, even then $250,000 didn’t get very far. The most affordable neighborhoods were seeing a surge in pocket listings that were mid renovations to become $300,000 flips. Prices were inching higher and about to rise even further.

After multiple homes that were perfect, but outbid to cash offers and quicker closing timelines, reality was setting in. It was either go back to an apartment, or at least get a condo to have their own space they could make accommodate their needs for a few years while also living in a community with walking paths, pools, open grass areas to run, and real gated access. So they finally found a condo that just hit the market. It was only a two bedroom but it had a den that easily could have a door added in to make a third bedroom. They made a strong offer, and slowly invested a little money into it as they could afford it. 8 years later, after they had family help close in the den to become a full third bedroom with closet, update the vanities and refinish the tubs, fresh paint and scrapped the popcorn ceilings, new doors, baseboards, and affordable decor from Target, Home Goods, Wayfair, Amazon, and local thrift stores, the home was more valuable than ever.

After 8 years, the home DOUBLED in value. After costs of sale and loan payoff, they’ll have about $275,000 CASH to put down on a new home in a real house with a backyard for their growing family of 3 kids ready for more backyard space to get dogs and a treehouse. In some parts of the country, that’s an all cash (or really close) deal that can make them debt free! No mortgage!! This is the power of real estate and why agents say it’s better than paying rent. It’s about the same cost but with far more instantaneous benefits as well as long term benefits that can be truly and literally life changing. Money isn’t everything but it’s absolutely essential to long term happiness and success for your family.

This family ultimately decided going without a mortgage, they also have no credit cards or car payments after paying them off entirely too, to live completely without debt or financial obligations in another state. They got a huge chunk of land and bigger home with lots of potential for the future to last beyond their last child’s graduation. This is the powerful truth of letting real estate create your future when your job isn’t.

This same equity payout can be used for a down payment on a bigger home in a local area to make an expensive home way cheaper. They save on PMI too so their budget of affordability rose significantly. Can they afford a $650,000 otherwise? Nope, but with $275,000 down and saving thousands on PMI every year, they can!!

Yeah, a condo can do all that without a raise, a different job, a degree, any other income or investment. Paying a mortgage versus paying rent is the difference of success for most. And it’s about the same price per month.

If you’re finding yourself on a similar path, I can help you make this similar situation work for you that will have a much better 5 and 10 year trajectory. DM @snowplowsanecacti on Instagram, email jenniferlarsonent@yahoo.com, or text Jennifer at 7606256836 to set up a time to talk. You’ve worked too damn hard to only come this far. You deserve more and I think I can get you more!