Introduction to Yamil Burgos’ Story
Yamil Burgos, the elder son of Dominican immigrants, grew up in the tight-knit neighborhood of Elmhurst, Queens. He loved being part of his community, playing volleyball with friends in the parking lot next to his apartment building, and enjoying the local Latin and Asian cuisine, as well as his mother’s chicken empanadas.
Early Life and Education
When Mr. Burgos started his studies at Baruch College in Manhattan, his father, a custodian, deposited $2,000 into his school checking account. However, the teenager found ways to avoid spending that money through a mix of financial aid, scanning textbooks at the campus library, and commuting to classes from his family’s home, where he shared a room with his younger brother. "The money that I started with was very little," he said. "In college, I learned how to save."
Career and Financial Growth
After graduating in 2015, he opened an investment account and watched his nest egg begin to grow. Finally, at 23, he rented a one-bedroom apartment in a building in Elmhurst. It was his first taste of freedom, even if he was still only a 20-minute walk from his childhood home. "I spent pretty much all my life living in that apartment, in that room, with my family and my brother," said Mr. Burgos, 31, now a web engineer at a real estate brokerage. "When I first started renting, it felt like the first time I could claim a space as my own."
The Decision to Invest in Property
He spent a lot of time at a local gym, where he befriended one of the employees, Rafaela Ramirez, who also worked in real estate. Her advice: Invest in property. "I pretty much told him to save up, and whenever he was ready, to call me and I will help him out," Ms. Ramirez said. Seven years later, she got the call: It was time to move. Mr. Burgos’s savings — now including a 401k — had grown, but so had his rent. And his apartment was right above the building’s entrance, leaving him irritated by chatty neighbors, as well as cars and motorcycles that distracted him when he worked from home.
Searching for the Perfect Home
With a budget starting at $260,000, he was looking for a quiet place with good light, an elevator, and a laundry room. He wanted to be near a gym and a subway line that would take him to his office in Midtown Manhattan. And he was open to branching out of Elmhurst into other Queens neighborhoods, like Jackson Heights and Rego Park. Ms. Ramirez connected him with her colleague, George Segura of NYC Elite Homes, who sent Mr. Burgos listings for co-ops, confident that he’d qualify for a mortgage with a 20 percent down payment. "He took care of his credit score, which is the most important thing," Mr. Segura said.
Conclusion
Yamil Burgos’ journey is a testament to the importance of saving, investing, and planning for the future. From his early days in Elmhurst to his current life as a web engineer, he has consistently made smart financial decisions that have allowed him to achieve his goals. As he continues to navigate the complexities of the real estate market, his story serves as a reminder that with patience, persistence, and the right guidance, anyone can find their perfect home.
FAQs
Q: What motivated Yamil Burgos to start saving money?
A: Yamil Burgos was motivated to start saving money due to the limited financial resources he had when he started college. He had to rely on financial aid, scan textbooks at the campus library, and commute from home to avoid spending the $2,000 his father deposited into his school checking account.
Q: How did Yamil Burgos meet Rafaela Ramirez?
A: Yamil Burgos met Rafaela Ramirez at a local gym where he worked out and she was an employee. She also worked in real estate and advised him to invest in property.
Q: What were Yamil Burgos’ requirements for his new home?
A: Yamil Burgos was looking for a quiet place with good light, an elevator, and a laundry room. He wanted to be near a gym and a subway line that would take him to his office in Midtown Manhattan, and he was open to branching out of Elmhurst into other Queens neighborhoods.
