429: What Most First-Time Home Buyers Get Wrong with Nicole Lapin and Scott Trench

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 13 July 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

First-time home buyer? After this episode, you’ll see the house-hunting process in an entirely new light. Throw out the granite countertops and exposed beams you’ve always dreamed of because making an emotion-first home-buying decision could ruin your financial future. If you’re trying to build wealth, you’ll want to follow Scott Trench’s home-buying checklist, which may show that renting is the best money move you can make. The roles are reversed on today’s show because this ISN’T the BiggerPockets Money podcast; It’s Money Rehab with Nicole Lapin! Scott recently joined Nicole to talk transparently about the realities of buying your first home. In this show, Scott and Nicole go through why homeownership is falling across the US, whether or not buying in 2023 even makes sense, and why your house ISN’T what you think it is. Plus, if you’ve been debating buying a rental property, Scott has some words of wisdom you MUST take to heart before putting in offers. You’ll also hear why SO many landlords are wrong about LLCs (DO NOT miss this section) and the EXACT steps you should take to put yourself in the best home-buying position possible! Want to hear more Money Rehab? Never miss an episode and subscribe to Money Rehab with Nicole Lapin wherever you get your favorite podcasts, or here: https://link.chtbl.com/91jeLu8k In This Episode We Cover Scott Trench’s checklist for the first-time home buyer The “Lock-In Effect” and why homeowners are unable to sell their houses Why your house isn’t the investment that you think it is House hacking, living next to tenants, and the truth about becoming a landlord Whether or not you need an LLC and how having one could actually hurt you The exact process Scott follows before buying any property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Mindy’s 2022 Live Spending Tracker and Budget Tune into “Money Rehab with Nicole Lapin” Nicole Lapin’s Money Hacks to Rehab Your Finances & Say Goodbye to Bad Debt Click here to check the full show notes: https://www.biggerpockets.com/blog/money-429 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everybody, Scott Trench here, host, guest. I don't know what I am today.
0:04.6	Of the bigger pockets money podcasts. So excited to share this episode that I actually recorded
0:09.2	with our friend Nicole Lapin of Money Rehab on her podcast. You can go check that out on her feed.
0:16.2	But if you're interested in listening here, this is just basically me and Nicole roughing on real estate
0:21.8	investing and the housing market for the next half hour. And I think hopefully there's some valuable
0:26.6	nuggets in there. A lot of stuff about first time home buying, a lot of stuff about the practical
0:31.8	challenges of getting into real estate investing. And I just had a great time and wanted to share it
0:36.0	here on the bigger pockets money podcast feed for those who are interested and maybe didn't miss
0:41.1	didn't see it. What do you think a private conversation sounds like? What SAP has multiple
0:47.3	layers to protect your conversations? Enter ending encryption makes personal messages unreadable to
0:53.2	anyone on the outside. Password protect individual chats with chat lock and view once makes photos
0:58.7	and videos disappear after they're seeing. With all these features working together, this is what a
1:03.9	truly private conversation sounds like. What SAP message privately with multiple layers of protection?
1:11.8	Scott Trench welcome to Money Rehab. Thank you Nicole, it's great to be here.
1:15.4	It's great to have you on the show. I came over to your podcast home, I suppose. And now I'm
1:21.3	inviting you into mine. Yeah, thank you so much. I'm really excited. You guys have a wonderful show
1:26.0	here and always learn a lot. So I'm excited to chat with you and learn some more and talk about
1:30.8	some real estate potentially. Let's do it. So let's show some love to first time home buyers right now.
1:37.1	Shall we? Because they're struggling. Scott, you know, cards on the table, it's not an easy time to
1:41.4	buy a house. And even in more advantageous economic times or interest rate environments buying a house
1:48.0	is not for everyone. I have a whole checklist that I say people should cross off before even
1:52.3	thinking about buying a house. I won't go through the whole spiel with you, but basically if you're
	...

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