A 37-year-old immigrant who started with 'zero credit' and couldn't get a mortgage when he moved to New York explains how he built a 4-property portfolio that's helped him achieve financial independence
When Atif Afzal moved to the US in 2018, he didn't have a credit score and had to start from scratch.Today, he has excellent credit, owns four properties in Monroe, NY, and considers himself financially independent."In a new country they're not willing to take any record from the past country so there's no credit history," the 37-year-old, who was born in Mumbai, told Insider."It's not that I had bad credit that I could work on or improve. It was zero.
He already had a decent amount of cash, thanks to an early investment in bitcoin, he said:"I was very early into cryptocurrency in 2017. I diluted some of my positions there back before the 2018 bitcoin crash, so I had that saved." "I was so out of cash because of the purchase and, as principal, I wanted to return my dad's money before buying furniture, so I lived with just a mattress for a month or so," he recalled. Even without furniture, becoming a homeowner in the States felt like an incredible achievement:"It was so emotional being able to own a property within two years of coming into the country."Afzal had been taking steps to build his credit before his first home purchase.
He added a third piece of real estate to his portfolio in September 2020 and a fourth in August 2021. Insider verified his ownership by looking at his property tax documents. While he took his time before selecting Monroe as his market, two unrelated events ended up boosting rents and property values in his area, he said: the 2021 opening of Legoland Resort New York, which is about 10 miles away from his properties, and the pandemic, which, including upstate New York.
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