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BiggerPockets Money Podcast

177: Putting Yourself in the Best Financial Position as a First Time Home Buyer with Scott and Mindy

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 8 March 2021

⏱️ 81 minutes

🧾️ Download transcript

Summary

It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be able to buy a home that will help increase your net worth, or at least, not shrink it. Scott and Mindy are on today to tell you how to make the best first time home buying decision possible.  We’ll go through the most common myths that first time home buyers tend to get caught up in. Myths such as: Buy as much home as you can Buy your “forever home” as your first time purchase  Your home is an investment  And more.. If you’re interested in gaining some appreciation with your first home purchase, Scott and Mindy also walk through the most common exit strategies and how you can prepare to use them. You’ll also hear some great advice on how to find a good deal in your area. And no, a good deal doesn’t just mean a deal that is lower than market average! Want to know more about how to successfully buy your first home? Scott and Mindy’s new book First Time Home Buyer can be ordered now! In This Episode We Cover What most home buyers get wrong when buying their first house The most common myths that first time home buyers believe  How to find a good deal, regardless of the area you live in Knowing EXACTLY what kind of house you want to buy Buying a house that works for you and your partner (if living together) Preparing calmly to act aggressively so you can get a perfect home under contract And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pockets Money Podcast,

0:02.0

turn number 177,

0:03.6

where Scott and I talk about how to make

0:05.6

the smartest financial decision when buying your home.

0:08.4

So that's kind of where you need to think about

0:11.3

from a wealth building perspective here is it's like,

0:13.7

come on, you can't go all out on your first purchase

0:17.1

and destroy all of your life options

0:20.3

and assume a huge fixed cost and put all your liquidity into it,

0:23.6

but you also may not be able in a position

0:26.2

where you're willing to give up,

0:28.3

make the lifestyle sacrifice, frankly, that I made.

0:31.6

Hello, hello, hello, my name is Mindy Jensen

0:33.6

and with me as always is my everything is a spectrum co-host,

0:36.9

Scott Trunch. Glad to see you were on the same wavelength today, Mindy.

0:41.3

Shout out to our podcast team in Eric.

0:43.6

I actually was not, I was stumped by a pun for spectrum

0:46.7

and they just shot that back immediately.

0:49.6

Great, thank you.

0:51.0

I'm outnumbered. Scott and I are here to make

0:54.0

financial independence less scary,

0:55.9

less just for somebody else to introduce you to every money story

...

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