Living In A $3,800/Month Condo In Honolulu, Hawaii | Unlocked
HTML-код
- Опубликовано: 28 май 2021
- Jeremy Mateo, 27, owns a one-bedroom, one bathroom condo in Honolulu, HI. He pays $3,843 a month, which include his mortgage, HOA fees, the maintenance fees, taxes and insurance fees. Jeremy is a real estate broker and RUclipsr. Unlocked is a home tour series focused on how much people spend on their housing, what they get for the money and what they had to sacrifice to make it happen.
It’s taken over two years, but these days Jeremy Mateo is finally feeling at home. Mateo, 27, is a real estate broker in Honolulu, Hawaii, and bought his first condo on Oahu island right before the coronavirus pandemic in March 2020.
It all started in January 2019, when he was showing a unit in a building that overlooked Diamond Head and Waikiki. “Immediately I saw the view and thought to myself, ‘Wow, I need to live here,’” Mateo tells CNBC Make It. “So I made it my absolute goal to earn the income in order to afford to buy a unit in this building.”
Over the course of a year he saved $60,000 for a down payment and worked toward his goal of buying his “dream home.”
Then he spent another year renovating and furnishing his place. The last of his furniture arrived in spring 2021, finally closing the chapter on his homebuying journey.
Here’s how Mateo bought his one-bedroom condo for $560,000.
A year of saving
When Mateo set his homebuying goal, he was still learning the ropes of real estate and earning $20,000 a year. After researching one-bedroom prices in the area, he committed to selling 10 homes in 2019 in order to earn $100,000 in commissions, the bulk of which he’d put toward his down payment.
His determination paid off. After he set his goal, Mateo sold 17 homes that year, took home $120,000 and put everything into savings while giving himself $500 a month for food, gas and daily expenses. Mateo is grateful his mom let him continue to live at home rent-free during that time.
“She just wanted me to sell a bunch of homes and save for my down payment so I could buy my home. And as soon as I moved out, she was extremely happy,” Mateo says, laughing.
Mateo supplemented his income working as a nightclub deejay and even saved money on his social life by getting free admission and drinks to join his friends while working: “Being a deejay will help you save on cocktails,” he adds.
The hunt, with an insider’s assist
Though Mateo was hitting his savings goals, he recognized that one-bedroom units in his price range were scarce.
He went back to his dream building and looked up the names and addresses of residents on the 25th floor and above, then sent out three rounds of handwritten letters to see if anyone was interested in selling their unit to him.
When that didn’t work, he used his insider access to check the MLS, or multiple listing service database, for expired listings to see if he could reopen any offers. He found an expired listing from 2012 for a unit on the 37th floor going for $560,000. Mateo then called the real estate agent behind the listing to see if the residents were still interested in selling.
As Mateo remembers it, “the next day he calls me back and he says, ‘Hey, Jeremy. Yes, my clients, they actually want to sell now.’ And right there I hung up the phone and I got up and I yelled. I was cheering. I was super excited.”
Mateo used the original $560,000 listing price as a jumping off point, which the sellers accepted. Mateo considers it “a really great deal.”
He was surprised by the stress he felt throughout the process: “As a real estate agent, I thought I was prepared for everything. But when it came to the emotional side, I was still stressing.”
Subscribe to CNBC Make It.: cnb.cx/2kxl2rf
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates: www.cnbc.com/make-it
Find CNBC Make It. on Facebook: cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: bit.ly/InstagramCNBCMakeIt
#CNBC
#CNBCMakeIt
#Unlocked
Living In A $3,800/Month Condo In Honolulu, Hawaii | Unlocked
So he had a year where he only made $20k, then he barely scraped over $100k and then with less than 20% down, and financial aid from family on a 30 year mortgage went and bought a $500k condo with an almost $4k a month mortgage??? Then spent $100k (on credit presumably) to fancy it up even further?! This seems absolutely insane and unearned considering he JUST started making 6 figures?? Does anyone else feel this way or is it just me??
When you budget 50K and you spent 100K on renovation. That's not a little over the budget. That's crazy way out of the budget
Graham Stephen is gonna have a field day with this one. 😬
Cnbc needs to stop showcasing YT content creators as "normal people". They are just trying to get more subs in their own channel and we don't really get to watch the normal people's finances.
Personally to me I would not go this route. Way too much debt at such a young age. $100k worth of re-deco is not really an investment. Worry about paying your mom and grandma back first. Dude is living big but walking in small shoes.
The financial term for this situation is “house poor”. He had less than 20% down and a 30 year mort. I’m sure he can make the payments, but saving and investing for long term wealth would be very difficult when so much money being eaten by this condo. He has all this flashy stuff, but mommy had to pad his bank account. He’s broke and will likely stay that way for a while.
I'm glad he's happy and his place is nice, but some of his financial decisions don't make sense whatsoever.
Rip mum and grandma’s 30k
A one bedroom, one bathroom condo for $3,800/mo on an income of $100k/yr. This guy needs to start reevaluating his choices in life.
Trying way too hard to impress people... the Tesla wrap says a lot
Is this supposed to be inspiring or something? Because I feel like he just dug a deep hole for himself.
Perfect example of impressing strangers with money you don't have
Hawaii Locals rolling their eyes tbh
-Mom and meemaw had to give him $30,000 to boost his loan potential to the bank
This feels like an ad for the unit. Maybe he's trying to flip it. That's about the only justification for taking on the mortgage and the remodeling that he doesn't seem to be able to afford.
10% down, $100k on new furniture, 4.25% mortgage rate for 30 years...
I live in Oahu, have seen his social media and my friends are friends with him and he just comes off as some arrogant guy. I think it's funny how he only credits his mom now. On his social he makes it seem like he's this big baller and that he's self made, but he has had help and support from his family. He got to live rent free to save for his down payment, which most people don't have. He needs to remember where he came from, learn to be humble, and pay more credit to those who helped him get where he is today.
1:28
It's great that he loves his house but his income at the moment is not on par with his mortgage. When I saw the monthly cost, i figured that he either had a 15 year mortgage or a 30 year mortgage with an income of at least $200k. I was shocked when he said it was a 30 year and that he only makes $100k. To each their own but it's insane that he would put himself in that position. And i get that when you move into your own apartment you want to make it yours and i myself got into the trap of buying nice furniture for my place when I moved in but the total cost was less than a months salary. He went a did renovations worth a years salary and then made the mistake of hiring someone who didn't provide a fixed price for the renovation. First thing i learned when I moved in is that people who you hire to fix something around your house will try to rob you blind. So get a cost and the moment they try to deviate from it, sit them down for a chat. Like i really hope things turn out well for him.
If your fam needs to transfer money into your accounts to prove that you have money, you are not ready.