A 23-year-old, Black woman management consultant in Atlanta, her winning bid of $196,000 in October 2019 beat out multiple cash offers. That odyssey included purchasing a modest three-bedroom, two-and-a-half-bathroom ranch. It necessitated a different strategic vision of homeownership rooted in an idea of financial investments being tied to the individual-level growth.
She had a cushy job at a multinational engineering firm, making almost six figures. Ambition led her to make the leap into the housing market. Undeterred, she looked for and soon received pre-approval for her mortgage, describing the process as quick and straightforward. As a first-time homebuyer, the odds were stacked against her. It was a process that was too often leaving her feeling alone and daunted by the barrage of new questions that continued to surface.
Before Kim began the process of buying a home, she did some important groundwork. She participated in first-time homebuyer workshops offered through her local Urban League. These workshops opened her eyes to the various types of loans available, down payment assistance programs, and grants that she qualified for. As it turns out, that groundwork ended up being key to her eventual success.
She applied herself, working double shifts and saving up about $10,000 in only six months. This cash would allow her to pay for her purchase’s down payment and closing costs. Understanding the importance of location, she identified a neighborhood poised for redevelopment, allowing her to purchase a home at an affordable price while still having potential for future equity growth.
Her financial plans didn’t end with buying the house. In order to supplement her income, she began offering marketing consultations to her fellow realtors and small businesses. On top of that, she accepted public speaking opportunities in her off-hours outside of her nine-to-five. This new stream of income allowed her to stretch her dollars further.
She calculated her housing costs in an innovative way. During her time away on work, she figured she might as well rent out her apartment on Airbnb. This imaginative maneuver garnered her additional cash flow to help make her mortgage payments.
She purchased her first house and enthusiastically started her new adventure. Mason supplemented that with a backyard tiny home — what’s known as an accessible dwelling unit (ADU). This addition not only gave her more income, it gave her the future option of living there herself.
Looking back on her experience, she shares her belief that your first home doesn’t need to be your forever home. That’s it—it doesn’t do anything beyond act as a launchpad toward achieving equity and wealth. That unique experience has transformed her into an excellent realtor, licensed in the great state of Georgia. Today, she helps first-time homebuyers navigate what can be an overwhelming process with confidence through her blog and community workshops.