Listening and following your mentor will give you a better result. Unfortunately, I thought I can figure things out by myself. I found out that it was a total waste of time on my part.
Peter Lynch said that it is always a sure winner buying your house first before you go investing in stocks. I should have done that many years ago but I have to lose first all my stock investment and be broke before I decided to finally buy my apartment.
Invest to own a house/apartment over your head to stay first if you intend to be in the country for long. As in my case, my two children will surely choose to stay here in France than my country of origin, the Philippines. So this will be an investment for them in the future.
A house is rigged in your favour. You can acquire one for 0% down (in my case, I put down around 10%.). That’s right, you can own your apartment without having to put cash. It’s just like buying a stock on margin. The leverage you use increases your returns, the interest on the loan is tax deductible, and repair is tax deductible.
As Warren Buffett said “Someone is sitting in the shade today because someone planted a tree a long time ago”, this investment would be beneficial for my children in the future; and of course for my family as we live together.
Moving forward to a dream
After more than a year, now the financing contract is ready to sign and to send next week; and after another few days, possibly will be the signing of the purchase.
The journey for this goal is tough. Many times I found myself in the verge of giving up. But since I wanted it that much, so I persist. I failed many times with my application for the financing. After almost a year, Le Credit Lyonnais (LCL) turned down to finance my project. I was left a few months before the reservation of the apartment I’m buying will expire.
With my desire to recover financially, the failures did not stop me. I believe that buying our apartment is one way to save some part of the money instead of paying the rent. I went to a broker (CAFPI) to study my application. They accepted my files. The first try with Banque National de Parisbas (BNP) did not work. But the second time around, it was finally approved.
After more than a month, I’m now holding the documents for the financing. Now it’s the bank waiting if I will accept their proposal. I have until Monday, August 21 to decide. But since I’m sure of what I want, my wife and I signed the contract. I only have to wait until Monday before sending it back to the bank.
Never give up with your dream
What can we learn from this experience? I can say that if you really have a dream, don’t wait. You have to go get it. Exhaust all the possibilities. Don’t give up after failure after failure. You won’t lose anything, but you have a lot to gain. And you will never know if it’s possible if you will not go out there asking.
It boils down to one conclusion, only you can stop you in making your dreams into reality.
As always, if you need someone who can coach you, I have my story to share. That is, if you are willing to listen.
Here’s to your success!