28 – If I pay $500, $1000, $1500, Or $2500 In Monthly Rent, Can I Buy A Home With The Same Payment?
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 29 October 2019
⏱️ 27 minutes
🧾️ Download transcript
Summary
Most people don’t even THINK about trying to buy their first home because they think their monthly payment will skyrocket – maybe not. In this episode, learn how and why you don’t always need a 20% down payment to own a house. In fact, in today’s market, you can buy a home with 3.5% down payment, and often, your monthly payment is exactly what you already pay in rent. Discover the people who have listened, done it, and succeeded. Numbers aren’t always sexy, but they sure can be when they tell you you can stop renting and start owning!
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | Can you actually buy a home and still pay close to the same monthly payment if you pay $500 a month in rent? |
| 0:07.9 | What about $1,500 or $1,500 or $2,500? |
| 0:10.4 | Do those numbers work? |
| 0:12.4 | Yes, they do. |
| 0:14.1 | Let's talk about it. Hi, everybody, welcome to the How to Buy a Home podcast. I'm your host, David Sidoni, |
| 0:35.4 | the How to Buy a Home Guy. I am a realtor here in Southern California. But for today, you're going to not just call, the How to Buy a Home Guy. I am a realtor here in Southern California, |
| 0:39.4 | but for today, you're going to not just call me the How to Buy a Home Guy, today you're going |
| 0:43.2 | to call me Captain Numbers. That's right, the unsexiest guy on the internet. We're going to run |
| 0:50.4 | all the numbers today, do math, and get all equationing and stuff. Super sexy. |
| 0:56.7 | Okay, let's start with our first number. Our first number of the day is 82 first time home |
| 1:01.7 | buyers since 2006. I'm a homebuyers that I've helped. Actually, I've got three more in escrow, |
| 1:07.4 | so we're at 85 total, 85 and 13 years. Now, what's so important about those |
| 1:11.8 | numbers? Okay, so let me explain for those of you who really don't know how many homes |
| 1:16.0 | realtors sell in a year and therefore can't really quantify how many real estate transactions |
| 1:21.0 | is a lot. How many is truly experienced or having expertise? Keep this in mind. The average realtor sells four homes a |
| 1:30.9 | year makes about 30 grand. So if the average realtor selling four homes a year, maybe one of those |
| 1:36.6 | might be a first-time home buyer. You don't know. Maybe none of them are, maybe two or three of them are. |
| 1:41.5 | So you might hear that a real estate agent, a friend of yours, |
| 1:44.9 | a cousin, an uncle, someone's got a license and they've been doing it for five years. And so now |
| 1:50.2 | you think they're experience. That's a long time to work on a job. But if they're doing the |
| 1:54.3 | national average, that means they maybe have sold 20 homes in five years. And maybe only a |
| 1:59.9 | couple of them have been a first time home buyer. |
... |
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