May 16, 2017

Building to Homeownership Problems of Self-Employment & Apprenticing

As many of you know, Max and I have now been together for over six years. SIX YEARS! And we’ve been talking about moving out for some time now, but it’s just never seemed possible. I guess you can say that’s one of the cons about choosing to follow your career dreams from the get-go, rather than seeking a steady day job before starting your side hustle or passion. Max loves cars and is just over a year and a half into his auto mechanics apprenticeship in a wonderful shop of a family friend he’s known for years. And although we both went to college, neither of us are (to our knowledge) making what we assume many of our friends are, who went into university straight out of high school and found themselves a proper job working in law offices or schools.

The last couple of months has been quite optimistic, finding out we may qualify for a lot more than we think we did. For the past while, I really thought this sole proprietor would literally be contributing nothing to a mortgage. I have gone to the bank previously looking for a small loan to buy myself some business equipment, and even though I had a great credit score, no one was willing to lend me even the smallest loan because I had no collateral. I had to be making a minimum of $20,000 AFTER taxes and expenses for TWO YEARS to even qualify for $5,000. “We’ll give you $5,000 if you put $5,000 in holding,” they said. If I had $5,000, I wouldn’t be asking you for it, would I? I just keep telling myself, oh you watch me…you’re going to wish you had my money when I blow up ;) I try to be optimistic about this dream business of mine.

Little did I know it was not at all the same for a mortgage. What do you know, the whole house would be collateral right?! I know nobody realistically WANTS to move, but we really want to move as few times as possible. I really want a family, so we really don’t want to have to go from 1 bedroom apartment, to 2 bedroom townhome, to 3 bedroom single within 3-6 years. Ideally a 3 bedroom single, or semi-detached, is our dream from the get-go. We went into a mortgage meeting for funzies, just to see how much we could realistically qualify for. Well all I’m going to say for now is we were very optimistically surprised that the numbers we have to have, are literally just what we make, no minimums, and they come up with a number. We were blown away that the dream may not be as far away as we think it may be! We’re still a bit away, I’d say 6-10 months at the very least, but we’re working hard to get there as fast as possible.

So while we dream away, I leave you with some of my Pinterest board of dreams. If you’re an entrepreneur, don’t be discouraged and keep trucking away at that goal!! I know a lot of these are wicked dreaming big, but it keeps my hopes up ;)


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nicole

xoxo,

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