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BiggerPockets Money Podcast

83: Buying Your First House with Scott & Mindy

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.53K Ratings

🗓️ 29 July 2019

⏱️ 86 minutes

🧾️ Download transcript

Summary

Buying your first home - either an investment or a primary residence - can be scary. This is a HUGE purchase, and no one wants to mess that up. But buying a house doesn’t have to be scary, if you’re properly prepared. This week, Scott and Mindy sit down and talk about the process - what you need to consider BEFORE you even start looking at houses and what to REALLY look for when you’re looking at houses. They also talk about different funding options, different purchasing strategies and even different ways to hack your housing to live for free - or make big money when you sell. If you’re in the market for your first property - or second or third - or you’re just starting to think about buying a house, this is an episode you cannot miss! In This Episode We Cover: First step that Scott recommend someone once they decide to purchase a home Consider exit options Three possible exit options Don't buy on a busy street Don’t put yourself in an artificial urgent state on buying your first house Don't spend every dime you have on your downpayment How real estate agents and mortgage brokers are incentivise On funding Mortgage broker versus a lender Adjustable versus fixed rate mortgage What a mortgage insurance is  FHA versus conventional loan On house hacking Credit score on Credit Karma Pre-qualification versus pre-approval process How to find a real estate agent Things to inspect and to avoid on buying your first home 7 step checklist for buying your first home 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 to show number 83, where Mindy and I talk about buying your first property.

0:07.0

I don't know that it necessarily they're looking to stretch your limits, but you are the one who's making the purchase so you need to

0:14.1

be comfortable with your mortgage payment. It's time for a new American dream

0:19.6

one that doesn't involve working in a cubicle for 40 years, barely scraping by.

0:24.0

Whether you're looking to get your financial house in order, invest the money you already have, or

0:27.9

discover new paths for wealth creation.

0:30.5

You're in the right place.

0:32.2

This show is for anyone who has money or wants more.

0:35.0

This is the Bigger Pocket's Money Podcast.

0:38.0

How's it going everybody? I'm Scott Trench and I'm here with my co-host, Miss

0:40.6

Minnie Jensenen. How you doing today, Mindie?

0:42.0

Scott, I'm doing great today. How are you doing?

0:45.0

I am doing fantastic. I'm very excited for today's show because it'll just be us getting to

0:49.2

monologue about a topic around finance today.

0:53.2

Yeah, you know, I'm super excited.

0:55.0

I love talking about money,

0:56.6

but I really, really love talking about real estate.

0:59.3

That's been a passion of mine for about 25 years. I've been investing since you were in diapers, literally.

1:06.9

And back then I was fearless. I knew everything because when you're 20 something years old,

1:12.1

you totally know everything that you're doing.

1:14.2

I jumped into living flipping with both feet.

1:16.4

It started off, I didn't have a lot of money,

...

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