Lately, this topic has been at the forefront of my conversations. Reflecting on my younger years, I realized that purchasing a home at just 20 years old was one of the boldest moves I ever made, realizing my entrepreneurial mindset and resilience.

I vividly remember orchestrating every step, from meeting with real estate agents, drafting justification letters for the bank, gathering documents, negotiating with lenders, and researching every aspect of homeownership. All while making it look like I had it all figured out, the truth was, I was learning during this process, one day at a time.

At the time, I was living with my ex-husband in an apartment in Manhattan. When we got married (I know very young, that is another topic of discussion), I knew that we needed a plan for the future, so I proposed moving in with my mother to save money for a home. My mom immediately supported the idea, and we moved into the living room of her one-bedroom apartment. A tough decision, but a necessary step toward financial independence.

I have been determined to buy a home since I was 19. My aspirations were influenced by those around me for example, my boss at my first job in a supermarket and then Lehman. Their homes felt like mansions to me and I knew I wanted that stability and security, so I got to work. Despite making only $8 per hour as a part-time student, I saved every penny from my scholarships, financial aid, and work earnings. By the end of 2003, I had saved $45,000, and my ex-husband had about $20,000 and our journey to the American Dream began. 

A Market Primed for Collapse

Back then, it felt as if anyone could get a mortgage, there was no proof of income required, just a down payment and closing costs. This environment fueled the 2009 housing market crash, when subprime lending practices led to 10 million homeowners losing their properties to foreclosure. I cannot believe that I was part of that same system, but I had the ability to think ahead and build a strategy for success and here is how. 

With our savings, we put a 3% down payment on a brand new two-story home that we fell in love with as soon as we saw it. It was still under construction but I could see my future here. 

In January 2004, at age 20, I became a first time homeowner. However, the process was overwhelming and I felt pressured from all parties, seller, bank and real estate agents. I had to put on a brave face at the closing table, pretending I fully understood the contracts and trusting that our lawyer had our best interest. At one point, the seller said to us, you should be happy and smiling but little did he know I was terrified of the unknown. It turned out that we were short about $1,000 after all calculations were made, but we were able to compensate the shortfall with a last-minute credit for missing appliances. We did it! I felt relieved because we had taken every single dime we had in our bank account to make this possible. So now what’s next?

Surviving the Mortgage Crisis

Owning a home came with a harsh reality: our mortgage was $3,548 per month, yet my annual salary was less than $25,000, and my ex made between $15,000–$20,000 a year. We had no choice but to rent out both units immediately. I hustled to get tenants, completing Section 8 paperwork to ensure government backed rental income. However, March’s payment was quickly approaching, and we had no savings left. 

By divine timing, my final financial aid check from college arrived March 6th for $4,000 which covered our first mortgage payment, all I could think was "God is good". In April, Section 8 rental payments started rolling in. It was a struggle to get these apartments rented because of the rigorous inspection process and preparation we needed for them to pass inspection. I recall waiting for the inspector in this empty home and I loved to sit on the shining wooden floors and take in the smell of the new home thinking, woo this is it, my new house.  At the same time I thought  it wasn’t mine because I could not afford it and I needed to let go and focus on the goal.  By May, our second unit was rented, relieving our financial burden. We used the rental income to build a finished basement, creating a two-bedroom living space with a bathroom, office, kitchen, and a spacious living room, all for $20,000. We were able to move into our basement in September 2004, 9 months later after buying the house.

Many might have criticized the idea of me living in the basement of my own house, but to me, ownership was what mattered. I knew I had to protect my investment, outsmarting a predatory system that set homeowners up for failure and I thank my mom for her support.

A Lesson in Financial Resilience

Looking back, I realize how fortunate I was. Unlike millions of others, I didn’t lose my home when the market collapsed in 2009. The housing crisis wiped out $16 trillion in household wealth and disproportionately impacted minorities, with nearly 8% of Latino homeowners facing foreclosure. Many saw their life savings disappear, never recovering the dream they once thought they had achieved. 

I was one of the lucky ones, but luck had nothing to do with it. It was a combination of foresight, sacrifice, and an unwavering belief that homeownership was more than just a milestone; it was my key to financial freedom. I get emotional because others were not as alert or blessed as I was and their dreams were stolen, their life savings taken away and maybe never again will they have the opportunity to achieve what they thought was their American Dream.

I share my story because I know representation matters. In the Latino community, wealth-building through homeownership is rare. But I’m proof that it’s possible with strategy, persistence, and faith.

The American Dream isn’t just about owning a home; it’s about keeping it. And for those willing to plan, sacrifice, and think ahead, it’s a dream that can last for generations. This home is now worth $1.1M, generating $7,500 in monthly rental income, 90% paid off! More than just an investment, it’s part of the generational wealth I’ll pass on to my children.

What is your next bold move?