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Owning My Own Income Property – Mark Sinacori – Medium

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My grandparents on my mom’s side did it. My grandfather worked at Raytheon as an elevator operator. My grandmother worked in the wood mill and then was a stay at home mom. They owned a 3 family in Lawrence, and their own 1 family circa 1955ish.

My parents, who worked in factories in Lawrence did it as well. Just before they married they bought a 2 family in Lawrence in 1978 and then were able to buy their own 1 family in Methuen in 2001.

Then there’s me.

I was one of the only people to go to 4 year college in my family. On my Dad’s side, out of all my cousins, just two of us who were the oldest went out of the first 5 born cousins. A few others went as well as the years followed, yet out of the core 5, just 2 of us went. However, I stayed in school longest out of everyone, and I had mostly a private education, which, in high school, meant I had to apply to get in as well. Most just went to public schools. On my Mom’s side, I don’t have any first cousins.

None of my parents or grandparents went to college and they were able to own property. Then people go and tell me I will never own anything because of being me. That won’t happen. Not a chance.

I have a lot of things working for me.

I look at everyone I knew. There are people who didn’t even go to college and they up and quit jobs and work for little scraps and still got approved for a place while living at home with their parents. Yes, with their parents! People, who, if I compared my resume, mine would outshine them, yet, remember, people think the work I’ve done anyone can do. Yet it’s highly selective, yes, even in Hollywood to get it. I have a lot of things on my resume that work for me. To get good jobs; to show I have what it takes. I have CCHS, Merrimack, UCLA, CBS, All the shows I’ve worked at with HUNDREDS of audience members I would greet and entertain and make sure they were happy and had a fun experience. Not many can say they’ve done that. I have McDonald’s, which I was a shift manager at, and if I had never left there, I would be a millionare right now.

Then there’s the fact I live in CA.

NOBODY CAN OWN HERE. NOBODY.

People don’t make 70K, 80K+ per year. Everyone I know rents. Even if they are able to afford their rent and bills, that’s it. Nothing more.

In Los Angeles, a 1 bed 1 bath CONDO costs over 300K. OVER! Back in Mass, it would cost maybe 200K. a 3 bed 1 bath house would cost over 1 million. Back in Mass, depending on how old it is, maybe 200K-300K, or if it’s brand new, 400K.

Then there’s rental income prop.

My broker, when I trusted him, steered me in the right direction. Buy foreclosed. I look at it this way…even if the place needs work, it will be most likely a place that can be in my price range I can afford. I have seen 3 family houses in Lawrence, Mass and surrounding towns that are foreclosed and go for 180K, 190K, 200K, 210K, 220K, et. Those are price ranges I would most likely have to be in. Prices are ridiculously high for anything these days. a 3 family, some that have been fully updated and those that haven’t, back home, can run in the high 300K-low 400K, some even 450K. My parent’s 2 family, which they bought in 1978 and updated in the late 1980s has risen from 40Kish to over 400K. I never thought in my life that a 2 family in Lawrence would go above the 200K range, or that a 3 family would go above the 300K range. EVER. But they have. Even my parent’s1 family in Methuen rose from 200K range to now over 400K or lowest, in the high 300K range.

But then there are indeed those properties that are foreclosed that are a lot less. That’s what I’m right for. Plus, I love to fix things up and design.

Working for me:

  1. Only child. I have parents who, like others who moved back in with theirs to save money, would let me live there rent and bill free. Plus, they are getting on in years and I would be there for them.
  2. What’s my parent’s will be rightfully mine someday. That’s $600K-800K+ in value in the end. I’d have to be there at some point to make decisions or help my parents with those properties they have.
  3. Any job I get, even if I get screwed over, I would be able to save up EVERYTHING. In a short time, even if I made a measly 25K per year or so, that added to whatever I made up until the point I am ready to own something, will be a good amount for a downpayment.
  4. I will only have to pay for water and property tax and if anything needs to be fixed. Up until I’m ready to renovate the place, which could be years later.

Yes, living in LA, one cannot own anything really. I look at those who are managers. Leaders. All of them rent. All are having it tough to SAVE. Back in Mass, I’m sure it’s no different, a lot of people have it tough.

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