Ingrid Payne
Ingrid Payne is a real estate investor based in Brooklyn. She grew up in New York and has lived in the Big Apple for 30 years. In addition to her focus on real estate investing, Ingrid works in the tech industry as an Executive Assistant.
I grew up with a single mother ALWAYS struggling to make ends meet. My mom worked several jobs just to pay rents that kept increasing every year. It seemed we could never catch up. I worked and paid my way through college. I waited tables at a restaurant, catered on weekends, delivered packages for a real estate company in between classes, and sometimes delivered newspapers. I hustled my way through just to make it all work.
After I graduated college and several moves due to not affording the rising rents, I made up my mind that I would live as frugally as possible until I got to my goal. The uncertainty of not knowing if I could continue to live in NY or the constant threat of rising rents, was stressful for me and made me adamant about purchasing my own place.
I rented a room in a 3-bedroom apartment on the first stop of the E line in Queens and worked in the Financial District, on the last (or first stop!) of the E line, World Trade Center. I did the whole E line twice a day. It took me 1.5 hours each-way but I only was paying $400.00 month in rent for a tiny room, and that was the only way I was going to be able to save money.
I worked a 9-5, catered weddings and parties every weekend and sometimes during the week. I did this for 4 years straight without a day off and no social life. I think the only days off I took were Thanksgiving weekend, December 25 or January 1st. I used my vacation time from my 9-5 to pick up more catering shifts. It was a HUGE sacrifice for me both mentally and physically, but I just wanted to save money.
I was forced to look for a place after my landlady in Queens lost her apartment. It was almost impossible to find a place I could afford but I finally found one in Downtown Brooklyn which was pretty sketchy then. I still kept all of my hustles and kept saving. After I was laid off due to 9/11, my landlord at the time wanted to sell the apartment and told me I would have to leave once she sold it unless I was interested in buying it.
Everything I worried about was now happening to me. I couldn't believe I was once again going to have to look for a place to live. So, I called several banks and was approved for a mortgage. I had exactly (to the dollar!) enough money saved for the down payment. One year later, at 27 years old, I owned the apartment I was living in and no longer had the worry of possibly being pushed out. It turns out my mortgage payments ended up being only a $150 difference from my monthly rent so it all made financial sense.
I sought more information on investing and financial literacy. I kept the side hustles and paid off the mortgage early. This allowed me to build equity and invest in other properties and rent them out. I have owned, rented and sold around 6-8 properties between NY and Florida.
I believe creating passive income is important due to the increased cost of living and having multiple streams of income is becoming increasingly important. I continue to look at investment properties in order to create passive income for retirement, with the goal of being debt free when I get there. Just recently I was able to purchase a place for my mother and it has been the biggest accomplishment of my life.
I try to encourage people, especially younger folks, to really consider buying a place. It may sound ironic, but if you live in a very expensive city, it does make more sense to own for those you who are doing well. If one is willing to sacrifice and live frugally for a while, it will make sense in the long run. There are many ways to obtain a mortgage and the City of New York offers programs for first time homebuyers as well who may have income restrictions. It really is possible.
If you can't purchase a place where you live, consider venturing out into other cities where you may have friends or family who may be able to help you manage it. This is just one investment strategy. Not everyone wants to be a landlord, but for those who are interested, it really is a great way to build wealth and a lot more doable than people think.
